Depositing more than Rs 10 lakh in fixed deposits in a financial year can attract scrutiny from the income tax department. Ensure your FD transactions are within permissible limits to avoid any issues.
If you deposit Rs 10 lakh or more in your savings accounts, either in one account or spread across multiple accounts, you may receive an income tax notice. It’s crucial to keep your deposits below this threshold.
Buying immovable property worth Rs 30 lakh or more triggers a report from the property department to the income tax authorities. Ensure all your property transactions are properly documented and reported to avoid complications.
Investing Rs 10 lakh or more in mutual funds, debentures, or bonds within a financial year can raise red flags. Keep your investment amounts within this limit to stay compliant with tax regulations.
Acquiring foreign property or purchasing foreign currency worth Rs 10 lakh or more, including traveler’s cheques, forex cards, or transactions via debit or credit cards, will be reported to the income tax department. Be mindful of these transactions to avoid receiving a notice.
Spending more than Rs 10 lakh in a financial year, whether on luxury goods, travel, or other high-value items, can result in an income tax notice. Keep your expenses in check and maintain proper records to substantiate your spending.