Are you shopping for more than 20 thousand rupees? If yes then know about the New transection rules.
The central government has taken many important decisions in the past to increase the importance of digital transactions in the country. Notably, demonetisation in 2016 helped the people of the country to take a significant step in shifting from cash to digital payments. Apart from this, bank accounts are made available to all by government through schemes like Jan Dhan Yojana. These changes initially boosted digital transactions significantly. But, now in the current situation the use of cash is increasing again.
New Cash Transection Rules
The Income Tax department will introduce major restrictions to bring people back to digital payments. It has been revealed that strict action will be taken against those who deal in large amounts of cash. Under certain sections of the tax law, a penalty of up to 100 percent will be levied for large cash transactions.
Cash for Loan, Deposit, or Advance Cannot Exceed ₹20,000
Your cash transaction should not be exceed ₹20,000, if doing you have to pay fine as per Section 269 SS, violation of this limit will be punishable. It is not possible to withdraw more than 2 lakh rupees from the bank in a single day. If they do so, a penalty of 100 percent will be levied on the transaction under Section 269ST.
Business Related Cash Transactions are Limited to Rs 10,000 Only
Cash payments above ₹20,000 limit attract penalty under Section 269T. Business related cash transactions are limited to Rs 10,000 only. According to section 40A (3), cash transactions outside these limits are punishable by fine.
Digital government initiatives should be taken to gradually migrate people to digital. Payments through UPI, cards and mobile payment applications have evolved rapidly. But awareness about these is essential to reduce the use of cash.
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