Ministry of Finance has issued a Press Release on 05th April, 2017.
Various steps to curb black money by discouraging cash transaction and by promoting digital economy have been introduced by Finance Act 2017.
i. Restriction on cash transaction by sections 269ST & 271DA newly inserted to the Income-tax Act.
ii. Providing that no person (other than those specified therein) shall receive an amount of two lakh rupees or more,
(a) in aggregate from a person in a day; (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person,
(b) otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.
*** ii) a, b, c
The Cash receipt not exceeding Rs 2lakhs. So, Penalty not levied as per sec...