Debt Consolidation Loans – Accounts Receivable :Now be careful before making any transaction as the Income Tax Department is keeping a close eye on your every move. So whatever you do, do it with understanding and thinking. Because now you have to keep an account of every transaction.
Earlier, Intex used to deal with all these things like credit card expenses like high value transactions up to Rs 2 lakh, property purchases over Rs 30 lakh and bank deposits over Rs 10 lakh, but now the income tax department is also looking at day-to-day expenses.
- The IT department’s eye on these costs
- Payment of tuition fees in excess of Rs. 1 lakh per annum
- Paying electricity bill above Rs. 1 lakh per annum
- Property tax is paid in excess of Rs. 20,000 per annum
- Hotel costs above 20,000
- Purchase of goods i.e. TV, freezer, phone cost more than 1 lakh rupees
- Health insurance premium more than Rs. 20,000
- Payment of insurance premium of Rs.50,000 per annum
- Business class travel on foreign and domestic flights
- Buying and selling of shares, including demat transactions
- Rent more than 40,000 per month
Apart from this there is a long list. This means that taxpayers should be careful that if their expenses do not match their income and you have used your savings, you must be prepared to respond. So, keep track of the costs. Let me tell you that the Income Tax Department recently released this list. However the tweet was later withdrawn.