Do not do these 5 transactions even by mistake, otherwise you will receive income tax notice:
1. Depositing cash in bank account:
According to the rules of the Central Board of Direct Taxes (CBDT), if a person deposits Rs 10 lakh or more in cash in a financial year, then it has to be reported to the Income Tax Department.
2. Depositing cash in fixed deposit:
If someone deposits more than Rs 10 lakh in FD in a financial year, the Income Tax Department can ask them about the source of the money.
3. Buying shares, mutual funds, debentures or bonds:
If a person makes a transaction of Rs 10 lakh or more in any such investment option, then its information reaches the Income Tax Department, which can ask you about the source of the money.
4. Payment of credit card bill:
If your monthly credit card bill is more than Rs 1 lakh and you want to pay it in cash, then the Income Tax Department will still ask you about the source of your money.
5. Property related transactions:
If you are making cash transactions of Rs 30 lakh or more while buying a property. The property registrar will inform the Income Tax Department, who in turn may ask you about the source of the money.