These cash transactions may attract up to 100% penalty by Income Tax department

Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the cash can be imposed. Moreover, the income tax department will disallow deductions if cash is used for transacting above a certain limit. Know the details.

from Tax-Wealth-Economic Times https://ift.tt/KnqBC6F