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Income tax dept Don'ts for Cash Transaction

Posted on 01 March 2019,    
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Clean Transactions, Cleaner Economy

DON'T

  • 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
  • Receive or repay Rs 20,000 or more in cash for transfer of Immovable Property
  • Pay more than Rs 10,000 in cash relating to expenditure of business/profession
  • Donate in excess of Rs 2,000 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

Go Cashless. Go Clean

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