High penalties for cash transactions: Know I-T dept's key restrictions

Quick Summary:

To address this, the Income-tax Act, 1961, includes provisions that regulate and optimise cash transactions.

Penalty: Violations result in a penalty equal to the amount accepted in cash, imposed on the recipient.

The department noted that many individuals often resort to cash payments for convenience, but this practice can lead to unintentional violations of tax regulations.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Large cash deposits Cash AIR Transactions Financial Regulations Tax Penalties Financial year Withdrawals Annual information return Cash Transactions Income Tax Income tax rules Digital Payments Income tax department

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-09 @ 16:54:54 (12 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 468 words

Reading Time: 3 minutes read

Sentences: 25 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 24997597

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 371 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 5 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #49

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