Check high-value cash transactions at hotels, hospitals: CBDT to I-T Dept

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Check high-value cash transactions at hotels, hospitals: CBDT to I-T Dept - Business Standard

Quick Summary:

The apex body for direct taxes administration in the country -- the Central Board of Direct Taxes -- has also asked the tax department to undertake "concerted efforts" to recover arrear demands which have been witnessing a "steep rise" since the last financial year.

Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a "non-intrusive" manner, the CBDT has asked the I-T department.

Senior officials told PTI that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening.