Pay more than Rs 20,000 in cash for these transactions and get ready to pay up to 100% penalty, says tax dept

The Income Tax Department warns against excessive cash transactions, citing penalties for violations under Sections 271DD, 269SS, 269ST, and 269T of the Income Tax Act, 1961. Exceeding thresholds like Rs 20,000 for loans or Rs 2 lakh for single transactions can attract fines. Read below to know more about what the income tax dept said.

from Tax-Wealth-Economic Times https://ift.tt/6busnRF