The Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have been discouraging cash transaction by tightening their rules for public in general in last few years.

The Income Tax Department may send notice to the violator now as days in case of slight violation as these institutions allow cash transaction to a certain limit.

Here are top 5 cash transactions that can attract income tax notice

-Bank FD (fixed deposit): Cash deposit in bank FD is allowed but it should not go beyond Rs 10 lakh. Violation of this Rs 10 lakh limit is also not advisable for a bank depositor making cash deposit in one's bank FD account.