How to maintain safe distance from Income tax department
How to Maintain Safe Distance from Income Tax Department Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel. 1) Depositing Cash aggregating to Rs.10 Lacs p.a. in your Savings Bank Account. 2) Making Credit Card Payments of more than Rs.2 Lacs p.a. 3) Investment in Mutual Fund Units worth more than Rs. 2 Lacs. 4) Investment in Debentures/ Bonds, amounting more than Rs. 5 Lacs 5) Investment in Shares worth more than Rs. 1 Lakh. 6) Investment in Gold ETF worth more than Rs. 1 Lakh. 7) Investment in RBI Bonds worth more than Rs. 5 Lacs. 8) Purchase / Sale of any Immovable Property exceeding Rs.30 Lacs. 9) Receipt of Cash Payment exceeding Rs.2 Lacs for sale of any goods/ services. 10) Cash deposits or withdrawals aggregating to Rs 50 lakh or more i...