IT Dept Warns People for Cash Transactions

New Delhi Aug 29: A warning was issued recently.
The Income Tax Department yesterday has warned the people against cash dealings of Rs. 2 lakh and more.

The department said "accepting Rs. 2 lakh or more in aggregate from a single person in a day for one or more transactions relating to one event or occasion is prohibited and any violation of this cap will invite strict penalty under the law".

IT department has also said that "Similarly, receiving or repaying Rs. 20,000 or more in cash for transfer of immovable property and paying more than Rs. 10,000 in cash relating to the expenditure of business or profession is also banned".

The message was by concluded by "Cash payment prohibited! Contravention may result in levy of penalty! Go cashless. Go clean,"

Income tax officials have also "asked the public to report such violations or those pertaining to black money to their jurisdictional principal commissioner of I-T department or email the same to blackmoneyinfo@incometax.gov.in."

Earlier the Central government in the Budget had proposed to ban the cash transactions above Rs 2 lakh as recommended by the SIT formed to curb the black money in the country.

Let's hope that people adhere to the warnings and make sure that they go digital.