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Learn which high-value bank or credit card transactions can trigger an Income Tax notice , how SFT reporting works, and tips to stay compliant with ITR rules. The Income Tax Department is watching more closely than ever. With upgraded systems, AI-backed analytics, and tighter compliance norms, scrutiny has gone up, and so has the anxiety around income tax notices. But here’s the truth: an income tax notice isn’t always a sign of wrongdoing. It could be something as simple as a mismatch in your bank interest or missing a form. The important part is knowing what to do next. Let’s take a deep dive into why notices are being sent more frequently ... Red flags of bank Deposits that can invite Income Tax Notice If you put a large amount of money, like Rs. 15 lakh, into your savings account , the bank reports it to the Income Tax Department because it’s above a certain limit (usually Rs. 10 lakh in a year). Taxpayer can invite a notice from the income tax department if they make large or unexplained cash deposits. If the department issues a notice under Section 68, you will need to provide proper documentation like business records, gift ... A cook from Bhind was stunned to discover a shocking Rs 46 crore transaction linked to his bank account . The anomaly came to light after the Income Tax Department issued a notice , prompting him to return home from Pune, where he had been working. The case has raised questions about financial fraud , misuse of accounts , and the vulnerability of ordinary workers. | A cook from Bhind was stunned to discover a shocking Rs 46 crore transaction linked to his bank account . The anomaly came to light ...
