Income Tax Raids: Finance Influencer Bhagyashree Thakkar's Tips Can Save You; Read Here

No one wants to receive a notice from income tax. Receiving an income tax notice can be frightening, but it's a standard method for the tax department to deal with taxpayers. And if you are doing these four things, you might get an income tax notice. What are those things? Let's get to know about those things with CA Bhagyashree Thakkar a finance influencer and well-known digital content creator.

You Might Get an Income Tax Notice If You are Doing These 4 Things:

1. Invested more than 10 lakhs in FDs, mutual funds, or shares within a year.

2. Paid over 1 lakh in cash for your credit card bill or made an online payment exceeding 10 lakhs. After all, excessive shopping might make even the tax department feel the FOMO (Fear of missing out).

3. Purchase property worth more than 30 lakhs.

4. Deposited more than 10 lakhs in cash in the bank or made transactions via UPI within a year.

How All These Works:

According to Bhagyashree Thakkar, engaging in this transaction isn't wrong. However, whenever you conduct such transactions, the bank notifies the income tax department. Your bank statements, property records, investment details, and foreign travel records are then cross-verified to understand your financial profile. Your declared income and expenses are matched like a prediction. And if the department finds any discrepancies expect to receive a notice.

View this post on Instagram

A post shared by CA Bhagyashree Thakkar • Finance (@ca.bhagyashreethakkar)

After knowing the details, navigate the situation with confidence and beware of any penalty and legal trouble.