Taking money in a bank account can lead to difficulties. If you have so much money in your account, then your inquiry may occur.
Rules have become more stringent by keeping money in the account. Not only will you have to answer to the bank, but keeping the money in the account but after spending it, you will have to answer the bank. Learn what has changed
If the account holder does not pay attention to the changes made by the government on the bank transactions, their hard earned earnings can be ruined.
Now to control black money, under these rules, income tax is monitoring all your transactions. After that you have to be careful while earning an income tax return.
In the bank, if you deposit one million or more cash in one or more accounts in a financial year, you will be given this information to the bank’s income tax department. From whom the Income Tax department can interrogate you. Even if a fixed deposit of 10 lakh rupees or more has been made in a financial year, the bank will give its information to the Income Tax Department.
The bank will also have to give information to the Income Tax department for more than Rs. 1 lakh or credit card bill. In addition, in a financial year, credit card duty to be seated in any financial year, any mode, pay, online or cash will also be provided to the Income Tax department.