Income Tax Red Flags: You May get Notice If These Limits Are Crossed
07 June 2025Anisha Kumari
Income Tax Red Flags: You May get Notice If These Limits Are Crossed
Every year, many people break income tax rules by mistake and end up receiving notices from the Income Tax Department. This mainly happens because they are not aware of the limits set for transactions through bank accounts, cash deposits, fixed deposits, property purchases and credit card payments.
The Income Tax Department keeps a close eye on financial activities. If an individual doesn’t follow the rules properly, mainly for cash transactions, then they could face strict action. These rules are made to catch unusual or large transactions that may not be explained properly.