Once again Income tax department has reminded that transactions of Rs.200000/- and above should not be done strictly.
It is strictly prohibited in India to take cash from one in one transaction or multi transactions. To transfer fixed assets the limit is Rs.20,000/- for paying or receiving. For occupational and business expenses, the cash transaction is restricted to Rs.10,000/-. If anyone violates this attracts heavy fines. Do Cashless transactions. If anyone is violating this the Income Tax Principle Commissioner has requested to send an email to blackmoneyinfo@incometax.gov.in As per the Act 269 ST the violators of this Rule the fine will be 100%. To control the block money only the limits on cash transactions are situated.
It is strictly prohibited in India to take cash from one in one transaction or multi transactions. To transfer fixed assets the limit is Rs.20,000/- for paying or receiving. For occupational and business expenses, the cash transaction is restricted to Rs.10,000/-. If anyone violates this attracts heavy fines. Do Cashless transactions. If anyone is violating this the Income Tax Principle Commissioner has requested to send an email to blackmoneyinfo@incometax.gov.in As per the Act 269 ST the violators of this Rule the fine will be 100%. To control the block money only the limits on cash transactions are situated.
