The Income Tax Department and different speculation stages like banks, common asset houses, merchant stages, and so forth have been debilitating money exchange by fixing their principles for the public overall in most recent couple of years. The Income Tax Department may send notice to the violator now as days in the event of slight infringement as these foundations permit cash exchange to a specific cut-off.
Here Are Top 5 Money Exchanges That Can Pull In Annual Duty Notice:
Bank FD (fixed store): Cash store in bank FD is permitted however it ought not go past Rs 10 lakh. Infringement of this Rs 10 lakh limit is additionally not fitting for a bank contributor setting aside cash installment in one's bank FD account.
Investing In Real State In Cash: One should ensure that cash exchange above Rs 30 lakh is sketchy while purchasing or selling a property as personal expense office debilitate cash exchange past this breaking point in a land bargain.
Reserve Funds/Current Record: The money store limit in bank account for an individual is Rs 1 lakh. The annual expense division may send personal duty notice if a bank account holder stores more than Rs 1 lakh in one's bank account. Essentially, for current record holders, the cut-off is Rs 50 lakh and on infringement of this breaking point may likewise be responsible for annual assessment notice.
Common Asset/Securities Exchange/Security/Debenture: People putting resources into shared assets, stocks, bond, or debenture should guarantee that its money mixture in the previously mentioned speculation alternatives does not go past Rs 10 lakh limit. Neglecting to keep up this money implantation cut-off may prompt personal duty division checking your last Income Tax Return (ITR).
Mastercard Charge Installment: One ought not cross Rs 1 lakh limit while covering the Mastercard bill. Infringement of this money limit in Mastercard charge installment turns out poorly with the Income Tax Department.