Cash deposits in savings account– If a savings account holder deposits more than 10 lakhs in cash in a year it would increase the chances of issuing an Income Tax notice.
Credit card Bill Payments:- Payments of credit card bills in cash of more than 1 lakh will lead to increase in the chances of issuing Income tax notice
Bank Fixed deposit: Depositing of cash in Bank FD of more than 10 lakhs in a year will increase the chances of issuing notice from the Income tax department.
Mutual Funds, Debentures and Shares:- Investors investing in shares, debentures, and Mutual funds should make sure that cash transactions in these investments in a financial year should not exceed more than 10 lakhs, if so there are chances of receiving an Income tax notice.
