5 Things You Shouldn't Be Hiding From Income Tax Department

3. Properties Sold and Purchased

The properties purchased or sold by you is worth Rs.30 lakhs or more, has to report their details that include your transactions, annual income, Pan Card, address and name with the Income Tax Department. Here, the purchaser has to disclose his or her source of income which the payment of the property has been done and seller also has to ensure that the buyer doesn’t forget to report his capital gains on that property.

4. Cash Deposited In Banks

Here banks will disclose the details of the amount deposited by the customer if the value is more than Rs.10 lakhs in a financial year. Banks reports all the details of such transactions to the Income Tax Department with the customers PAN CARD number.

Read More:6 Things To Know About The Provident Funds In Stock Markets
Here is Why Mobile Wallets Cannot 'Kill' Credit Cards