क्या FD कराने से Tax नोटिस आ सकता हैं । Fixed Deposit vs Income Tax Notice | FAQ Covered on FD | Tax

FAQs: Reasons for Receiving a Tax Notice
High-Value Fixed Deposits (FDs):
If interest income from FDs exceeds ₹40,000 (₹50,000 for senior citizens) and is not declared, it may attract a notice.

Cash Deposits Above Threshold:
Cash deposits exceeding ₹10 lakh in a savings account, or ₹50 lakh in a current account, could trigger scrutiny if not reported.

Mismatch in Tax Return and Form 26AS:
Discrepancies between your ITR and TDS details in Form 26AS may result in a tax notice.

Failure to Report Capital Gains:
Income from sale of property, shares, or mutual funds not disclosed can lead to a notice.

Unreported Income from Retirement Funds:
Withdrawals from EPF, PPF, or NPS before maturity, if taxable and unreported, may draw attention.

Claiming Excessive Deductions:
Incorrect or exaggerated claims under Sections 80C, 80D, or other deductions can raise suspicion.

High-Value Credit Card Transactions:
Annual transactions exceeding ₹2 lakh per card not aligned with income may lead to inquiry.

Non-Filing of Returns:
If your income exceeds the taxable limit but you haven't filed ITR, you may receive a notice.

Foreign Income or Assets:
Failure to disclose foreign income, investments, or accounts may result in severe penalties.

GST Mismatch:
Mismatch between GST returns and declared income in ITR can attract scrutiny.

Ensure all income sources are accurately reported to avoid tax notices.
क्या FD कराने से Tax नोटिस आ सकता हैं । Fixed Deposit vs Income Tax Notice | FAQ Covered on FD | Tax
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