Know When to Say No To Cash Transaction

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 MAO in cash relating to expenditure of business/profession

DONATE in excess of 2,000 in cash to a registered trust/political party

Contravention may result in levy of tax/penalty

Any information regarding Black Money including information about undisclosed income/assets (both In India as well as abroad) and Benami Transactions can be given to the jurisdictional Director General/Pr. Director of Income Tax (Investigation)

Know When to Say No To Cash Transaction

More Under Income Tax

6 Comments

  1. Sushil Sureka says:

    There is a catch in the 2,00,000/- limit. As, if you accept 2,00,000/- it will be disallowed and may invite equal amount as penalty. Actually, one should accept only Rs.1,99,999/- and no more.
    Sushil Sureka,
    General Secretary,
    Ahilya Chamber of Commerce & Industry,
    INDORE.

  2. Vijay Kumar Dadoo says:

    I have donated Rs. 3000/- in cash to Narayan Sewa Sansthan, Udaipur. Have I done wrong as the Cash transaction beyong Rs. 2000/- for Registered trusts is not allowed?

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