It is the tax-filing season, and Income tax department has begun both online and offline facilities for filing ITRs in the new financial year. But, there are a few mistakes you should pay close attention to while filing income tax return, or else you can end up receiving a tax notice from the IT department. Not only this, if there is any irregularities in the investigation of the department or in any transactions of yours, you may also have to pay a hefty fine. Therefore, keep some things in mind while filing tax returns :
1.If you have deposited Rs 10 lakh or more in cash in any bank or co-operative bank in a year, then you are required to give detailed information about the same to the department. Failure to do so could bring you under the radar of the Income Tax Department.
2. If you have purchased property worth Rs 30 lakh or more in cash during a financial year, then the property registrar will report this information to the Income Tax Department. In such a situation, if you have not given this information in your ITR, then the department can question your about this cash deal. Not only this, you will also have to give information to the department regarding the source of this money.
3. If you deposit more than Rs 1 lakh in cash at a single go towards your credit card bills, the Income Tax Department may send you a notice. Not only this, if you pay a credit card bill of more than Rs 10 lakh in cash in a financial year, then you will have to disclose the source of such funds.
4. If you invest in the stock market, mutual funds, debentures and bonds in cash, the tax department can tighten their noose on you. According to the rules of the Income Tax Department, if you invest more than Rs 10 lakh in cash in the markets in one financial year, the Income Tax Department can raise questions.
5. If you have deposited more than Rs 10 lakh in your FD in a year, then you will have to provide information about its source. Therefore, to avoid this notice, deposit money in your FD digitally, so that the IT department has a record of the transaction.
