Tax ( Taxes people go through every possible way to save). But they forget that the Income Tax department keeps a close watch on your every major expenditure. In such a situation, whenever someone hides a big transaction in a financial year or tries to save tax, the Income Tax Department comes to know about it. After which the taxpayers have to face trouble.
According to experts, there are many types of transactions about which your bank, mutual fund houses, brokerage firms, and property registrar itself inform the tax department. . It is also legally mandatory for them to tell the tax department about the transaction of more than a fixed limit.
FDs of over 10 lakhs
Legally, if a person deposits more than Rs 10 lakh in a Fixed Deposit account during a financial year, the bank has to inform the tax department. Because this is the aggregate limit, and you have to pay tax even if you open more than one FD. Keep in mind that there is no tax on renewing old fixed deposits.
Cash deposit of more than 10 lakhs
According to the Central Board of Direct Taxes (CBDT), if a person makes a cash deposit of more than Rs 10 lakh in a commercial or co-operative bank during a financial year, it is also required to report it to the tax department. Because this is also an aggregate limit, which is taxed. In such a situation, if you want to avoid paying tax, then do not deposit cash more than Rs 10 lakh in a financial year.
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Credit card bills above 1 lakh
On payment of credit card dues above 1 lakh in cash, the bank can give your information to the Income Tax Department. Because it comes under the tax net. At the same time, even after spending Rs 10 lakh or more with your credit card in a financial year, income tax can also be taxed on you.
Buying property worth more than 30 lakhs
You also have to pay tax on buying a property worth 30 lakh rupees or more. Therefore, when a person buys an expensive property, the registrar transfers its information to the Income Tax Department.
Tax on bonds of more than 10 lakhs
If a company issues bonds or debentures of more than Rs 10 lakh within a financial year, the person acquiring it will have to pay tax. A similar limit is also fixed on the purchase of shares and mutual funds. The information of which is also given to income tax.
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