CA Rahul Mittal
Quick Summary
Government wants that people use banking system and in the same direction some new provisions added in the Finance Act, 2017 to prevent black money. We will discuss all the provisions related to cash transactions, exceptions of the same and consequences of them as well. Taking or Accepting
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FAQ :
No person shall take or accept Rs. 20,000 or more in cash for any loan or deposit, or any amount in relation to the transfer of immovable property.
Exceptions include transactions with the Government, banking companies, post office savings banks, co-operative banks, certain corporations, government companies, and individuals with agricultural income where neither party is chargeable to income tax.
A penalty equal to the amount taken or accepted in cash will be levied as per section 271D.
No person is allowed to receive in cash an amount of Rs. 2,00,000 or more in aggregate from a person in a day, in respect of a single transaction, or in respect of transactions relating to one event or occasion.
A penalty equal to the amount of such receipt will be levied under section 271DA.
Yes, exceptions include receipts by the Government, banking companies, post office savings banks, co-operative banks, and transactions covered under section 269SS.
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