Income Tax advisory/warning for cash transactions in excess of prescribed limits

The Income Tax Department has issued an advisory/warning for cash transactions in excess of prescribed limits.

 Cash transactions-Income Tax advisory

  • DO NOT 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.
  • DO NOT RECEIVE OR REPAY Rs. 20,000/- or more in cash for transfer of immovable Property.
  • DO NOT PAY more than Rs. 10,000/- in cash relating to expenditure of business/profession.
  • DO NOT DONATE in excess of Rs. 2,000/- in cash to a registered trust /political party

The advisory warns that contravention of section 269ST may result in levy of tax and/or penalty.

The Department has solicited information regarding such violations or Black Money or Benami Transactions on email id blackmoneyinfo@incometax.gov.in

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