HOW TO BE SAFE FROM INCOME TAX SCRUTINY

Everybody has the fear of income tax scrutiny. The main reason is that the income tax return comes into the scrutiny by random search. So anybody can be the victim. These are the points which can safe you from harassment and time consuming process as well as expensive in the money matter. These transaction should be reported when filling returns.

1- Cash transaction of 10 lakhs and above.
2- Credit card bills of 2 lakhs and above.
3-Mutual Fund investment of 2 Lakhs and above.
4- 5 Lakhs and above purchase of bonds or debentures.
5-Purchase of shares 1 Lakhs and above.
6- Immovable property purchase or sale  worth 30 Lakhs and above.
7- RBI bond worth 5 lakhs and above.
The main reason behind it is when someone do high value transactions, banks need to give the information to the income tax department through the AIR, and income tax department keeps the records of theses transactions with the assessee PAN number. So when the assessee files the income tax return, these transactions are checked by the income tax department and this is the main reason the income tax files comes into the scrutiny.
Tags-how to be safe from income tax scrutiny,what is income tax scrutiny,steps which safe from income tax scrutiny,which returns comes into scrutiny,which returns comes into income tax scrutiny
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