How to avoid getting an Income Tax Notice | Sarthak Ahuja

How to Avoid Getting an Income Tax Notice The Income Tax Department knows if you engage in any of the following financial transactions in the financial year (FY). So ensure that your Income Tax return is reflective of your financial capability to engage in such transactions. Or else, you are sure to get an Income Tax Notice. 1. Cash Deposit in Savings account of over 10L in the FY 2. Cash Deposit or Withdrawal of over 50L in a Current Account in the FY 3. FD interest earned from bank deposits 4. Making a Fixed Deposit of over 10L in the FY 5. Share or derivatives trading including investment in Mutual Funds, Bonds, Debentures of 10L 6. Credit Card payment of over 10L in the FY 7. Purchase of Bank PO, DD etc of over 10L 8. Sale or Purchase of Immovable Property of over 30L 9. Forex expenses of over 10L in the FY 10. Cash payment of over 2L to anyone for purchase of good or service ------------------------------------------------------------------------------------------------------------------------ Click here to subscribe to my YouTube channel: https://bit.ly/3cpTleK ------------------------------------------------------------------------------------------------------------------------- Like, Share, Subscribe for more! Follow me on my other social media handles for all updates, events and live sessions- Instagram:   / casarthakah.  . LinkedIn:   / sarthak-ah.  . Website: http://www.casahuja.com/ ------------------------------------------------------------------------------------------------------------------------- A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services. Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.