Page 2 of 1 for Financial Knowledge(If you don't want income tax notice)

Apun-hi-bhagwan-hai · 2020-07-30 09:22:37 +0530

Points to remember credit card-1. Dont over spend than your income declared else be ready to receive income tax notice.2. Dont Spend for others like family and friends.3. Dont pay bill via cash if paid >1L via cash then file ITR because all cash deposit of 1L and above are reported to incometax.4. Dont spend more than 10L using card in 1yr. (Card company have to report to income tax if you have made transaction above 10L in 1yr).Points to remember Account –6. No limit on no. of saving accounts you can open (ITR is filed via PAN, not on acct). 7. Up to 10Lakh Deposit and 10 lakh Withdrawal is allowed in form of cash per yr. If Transaction above 2Lakh per day via any form then file ITR.8. Current acct limit is 40Lakh deposit/withdrawal pr year and 5Lakh per day.9. UPI or online transaction are less hostile compared to cash transactions.10. No limit on money you can keep on your savings account.11. File ITR if earning above 5Lakh12. Use current bank account if you do more transactions.13. 60% penalty will be imposed on undisclosed money. (Income tax sent you notice for your transactions you can’t show proof then be ready to pay 60% charge of undisclosed money.)

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