CBDT Warns Cash Transactions in excess of Prescribed Limits

Cash Transactions CBDT - Income Tax

The Central Board of Direct Taxes (CBDT) issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law.

The advisory issued by the Board remind the tax payers to not 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 said that no amount in excess of Rs. 20,000 or more shall be received or repaid in cash for transfer of immovable Property.

It also restricts payment of amount more than Rs. 10,000/- in cash relating to expenditure of business/profession.

Further, amount in excess of Rs. 2,000/- in cash cannot be donated to a registered trust /political party.

The advisory warns that contravention of section 269ST may result in levy of tax and/or penalty.

The Department has solicited information regarding such violations or Black Money or Benami Transactions on email id blackmoneyinfo@incometax.gov.in

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