Income Tax

  The Income Tax Department has become very cautious about cash transactions these days. In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Let us know the complete details about it. Now these investment and lending institutions allow cash transactions only up to a certain limit. The Income Tax Department can send a notice if there is even a slight violation. There are many such transactions, which are monitored by income tax. If you do large cash transactions with banks, mutual funds, brokerage houses and property registrars, they will have to inform the Income Tax Department. Let us know about 5 such transactions, which can land you in trouble. Bank Fixed Deposit (FD) Cash deposit in bank FD should not exceed Rs 10 lakh. The Central Board of Direct Taxes (CBDT) has announced that banks will have to disclose whether individual deposits