Thursday, November 21, 2024

You’ll get an income tax notice if you put Rs 2000 notes into account! know the truth

The Reserve Bank of India has decided to stop issuing Rs 2000 notes. Since then, individuals have been going to the bank to exchange or deposit their 2000-rupee notes. In contrast, if you go to the bank to exchange 2000 rupee notes, you can get 10 of them changed. However, do you know under what circumstances you may also receive a notice from the Income Tax Department?

income tax

Rs 2000

If any transaction falls below the RBI-set threshold, the Income Tax Department will not send a notice. However, if there are additional bank account activities, the Income Tax Department may have queries. Tax professionals claim that if a sizable sum is put into a savings or current account, questions about the source of the funds may be asked.

income tax

Income Tax Division

On the other hand, the Income Tax Department has the right to inquire about any cash deposits into the savings account that total more than Rs 10 lakh. Cash deposits into an account of greater than Rs 10 lakh are recorded in the Statement of Financial Transactions (SFT). In addition, SFT reporting is required whenever more than Rs 50 lakh in cash is placed into a current bank account.

income tax

Revenue Tax

On the other hand, there is no reason to freak out if you receive a letter from the Income Tax Department. This does not imply that you will be subject to any punishment. When the Income Tax Department inquires about the source of the money, you will need to provide all pertinent information and explain where the money originated from. Action can be taken, though, if the source of the funds is not made known.

Read More: Janhvi Kapoor donned only a shirt! made her fans sweat once again with pics

🔥🔥 Join Our Group For All Information And Update, Also Follow me For the Latest Information🔥🔥
🔥 YouTube                 Click Here
🔥 Facebook Page                 Click Here
🔥 Instagram                 Click Here
🔥 Telegram Channel                  Click Here
spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Do this work if Income Tax Refund is getting delayed or stuck

This time, the deadline for submitting income tax forms was July 31. Over 7.28 crore individuals have filed tax returns before the deadline. 7.10...

MG to launch new CUV named Windsor, this much is the range

It's anticipated that MG's next CUV will come with a 50.6 kWh battery pack. It will also be released with an electric motor positioned...

Learn how to fill out an ITR if you are a consultant or freelancer

There are currently just two weeks left to file income tax returns. Those that submit ITR beyond the deadline will be fined. The number...

Avoid making these mistakes to get a refund after filing ITR

If you haven't already, file an ITR filing as soon as you can. Because July 31st is once again the deadline for ITR submission....

Online gaming is to be taxed at 28%! things to get affordable in cinema

The Central Government has made a significant GST decision. The 50th meeting of the GST Council took place today, where FM Nirmala Sitharaman, the...

Most Popular

Subscribe

* indicates required