🚨 Income Tax Notice Alert! 🚨 Are you withdrawing very little cash from your household and still managing your expenses? The Income Tax Department may ask for a detailed breakup of your monthly expenses, including groceries, rent, insurance, social events, and even restaurant visits! This notice under Section 142(1) of the Income Tax Act, 1961, seeks an explanation for low household withdrawals and requires details of family members' income and spending patterns. 🔍 Key Points from the Notice: ✅ Provide family members' details, including PAN and annual income. ✅ Submit a detailed breakup of monthly expenses (food, rent, car, insurance, etc.). ✅ If details are not submitted, a household withdrawal of ₹10,00,000 may be assumed for tax calculation. 📌 Stay informed and ensure your tax records are clear! 📢 Disclaimer: This document has been sourced from the internet and is shared for informational purposes only. #incometax #taxnotice #itnotice #taxation #financeupdates #taxcompliance