The Central Board of Direct Taxes ( CBDT ),
in a bid to promote cashless transactions, has issued an advisory on its
official website regarding cash transactions over and above the prescribed
limits specified under the law.
Cash Transaction Limit Income Tax India
An advisory issued by the income tax
department on its official website regarding cash transactions over and above
the prescribed limits specified under the law.
The advisory said not to
accept cash of Rs. 2,00,000 or more in aggregate from a single person in a day
or for one or more transactions relating to one event or occasion. It further
bars receiving or repaying Rs. 20,000 or more in cash for transfer of Immovable
Property.
It also restricted payment of more than Rs.
10,000 in cash relating to the expenditure of business/profession.
Further, a donation in excess of Rs. 2,000
cannot be made in cash to a registered trust/political party.
“Penalty may be
levied/deductions claimed can be disallowed in case of violations Any
information regarding such violations or Black Money or Benami transactions can
be given to the jurisdictional Principal Commissioner of Income Tax and can
also be emailed on blackmoneyinfo@incometax.gov.in
,” it said.
Cash Transaction Limit in India.
Under the Finance Act, 2017, the amounts in
excess of Rs. 20,000 or more shall be received or repaid in cash for transfer
of Immovable Property and amount more than Rs. 10,000/- in cash relating to the
expenditure of business/profession was also banned. Further, the amount in
excess of Rs. 2,000/- in cash cannot be donated to a registered trust
/political party.
Restrict cash transaction above Rs. 2 lakh rupees.
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