Can you get income tax notice for making digital payments through UPI, NEFT, RTGS, and IMPS? Know when it can be triggered
· economictimes.indiatimes.com
Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transactions do not match your declared income. The Income Tax Department cross-verifies financial data from various sources. Taxpayers should regularly check their Annual Information Statement and reconcile records. Maintaining transaction records and accurately reporting income prevents unnecessary scrutiny.
Can UPI, NEFT, RTGS or IMPS transactions trigger an income tax notice?
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