Rs. 2 lakh+ cash transactions? Be prepared for IT dept. fines
Fri, Jun 02, 2017, 07:36 PM
People making Rs. 2 lakhs and more cash transactions are warned of Income Tax (IT) fines. The IT department has called for tip offs if anyone is transacting Rs. 2 lakhs and more in cash. This will call for hefty fines. The government has warned the people against heavy cash transactions. These will attract hefty fines by the IT department. The IT officials have asked banks and other agencies to tip it in case of such transactions so that it could act. The whole exercise is to encourage digital transactions, it is said.