Monday, May 23, 2022

There is an eye on income tax on these expenses, do not forget to try to hide

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.

ALSO CHECK: Get a tremendous discount with Firsrtcry Coupon Code and Myntra Coupons

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.



Please enter your comment!
Please enter your name here

Most Popular


Changes in Banking Rules: Beginning May 26, PAN or Aadhaar information will be required for cash transactions over Rs 20 lakh.

The government has enacted new regulations governing money transactions at banks and post offices. PAN and Aadhaar would be required for deposits of Rs...

NPS Account: The more salary, the more pension you will get… how would you say? just do this work

If you are told that the salary you are getting during the job, you will get a pension after retirement. If you say so,...

This PF account rule will change today, and 6 crore employees will be required to pay tax!

New EPF Regulations: The government has made significant changes to the rules of PF accounts that will take effect on April 1, 2022. As...

ITR Update: No Taxable Income, Still Tax Deducted! Know how to get refund?

New Delhi: Income Tax Rules: People often complain that their salary is not taxable, yet their TDS has been deducted, or TDS has been...

Today is the last day to deposit Advance Tax! You will be harshly penalised if you fail; be aware of the full procedure.

Final Day to Deposit Advance Tax: If you have not yet deposited the advance tax for the financial year 2020-21 (The financial year 2021-22),...

Most Popular


* indicates required