Income Tax New Update: Post office’s savings schemes and savings account are liked by crores of people. But even after depositing money in this account, the difficulties of many people have increased. Because the post office also sends information about all transactions to the Income Tax Department. Let us tell you in detail….
How and why income tax notice reaches home from post office – Tax expert Sharad Kohli told in CNBC Awaaz’s special show Tax Guru that 15 institutions related to financial matters including post office also file income tax returns. They have to file it by May 31. In this, it specifically issues information about transactions above Rs 10 lakh.
Suppose someone deposited more than 10 lakh cash in the post office account, then the post office will report it in SFT i.e. Statement of Financial Transaction. That is why many times people get tax notices. Its information has to be sent to the Income Tax Department by May 31, which means that by now the Income Tax Department would have received the information about the transaction of more than 10 lakhs.
Suppose someone deposited more than 10 lakh cash in the post office account, then the post office will report it in SFT i.e. Statement of Financial Transaction. That is why many times people get tax notices. Its information has to be sent to the Income Tax Department by May 31, which means that by now the Income Tax Department would have received the information about the transaction of more than 10 lakhs.
If the notice comes, it is not that action will be taken. You can tell from where the cash has come, that is, if you can give complete information about it, then no action will be taken in such a situation. If stuck anywhere, the Income Tax Department can take strict action.
