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Cash Transactions above Rs 2 lakh under scanner
By: Tupaki Desk | 3 Jun 2017 11:45 AM IST
Income Tax Department issued a warning to public over carrying out cash transactions of Rs 2 lakh and above. The IT Department made it clear that whoever receives such a high amount in cash will have to pay equal amount as penalty.
Even People are asked to give a tip-off of such dealings to the IT Department by sending an email to 'blackmoneyinfo@incometax.gov.in'.
Finance Minister Arun Jaitley proposed a ban on Cash Transactions of Rs 3 lakh or above while introducing budget 2017-18. However, Union Cabinet limited the cash transactions to under Rs 2 lakh and the bill including Section 269ST in the IT Act was passed in Lok Sabha.
As per Section 269ST, Individuals were restricted from involving in cash dealings of Rs 2 lakh or above on a single day.
Even People are asked to give a tip-off of such dealings to the IT Department by sending an email to 'blackmoneyinfo@incometax.gov.in'.
Finance Minister Arun Jaitley proposed a ban on Cash Transactions of Rs 3 lakh or above while introducing budget 2017-18. However, Union Cabinet limited the cash transactions to under Rs 2 lakh and the bill including Section 269ST in the IT Act was passed in Lok Sabha.
As per Section 269ST, Individuals were restricted from involving in cash dealings of Rs 2 lakh or above on a single day.