Traveling abroad? Buying dollar beyond this limit may attract income tax notice !

Going beyond a certain limit will get reported to the income tax department by the money change, even though while traveling abroad, cash transaction to buy US dollar or any other foreign currency is allowedr

Taxes office is now remarkably vigilant versus the income transactions carried out by taxpayers. If a taxpayer executes any such cash transaction, then it will get reported to the department much before the taxpayer reports such transaction, it has evolved such an effective system in which. This product works well even if you are touring in foreign countries. According to investment and tax experts, while traveling abroad, cash transaction to buy US dollar or any other foreign currency is allowed, but going beyond a certain limit will get reported to the income tax department by the money changer. This income transaction for purchasing foreign exchange could draw in income tax discover, if you find big gap in between the taxes come back (ITR) of the tax payer as well as the income employed for acquiring foreign exchange.