CBDT Warns Cash Transactions in excess of Prescribed Limits

The Central Direct Tax Authority (CBDT) posted consultation on the official website for cash transactions beyond the statutory limits.

The recommendations issued by the Board remind taxpayers not to receive Rupee cash. More than 2 million per day per person, or one or more transactions related to an event or event

It further stated that it is less than the number of R. The transfer of real estate shall be paid or repaid with more than 20,000 cash.

Also limit payment to rupees or more. 10,000 / - Cash related to business / professional expenses

Moreover, the amount exceeds Rs. 2,000 / - You can not donate cash to a trust / organization you registered

This department is seeking information on such violations or Black Money or Benami transactions via e-mail ID blackmoneyinfo@incometax.gov.in.

Section 40A (3) of the Income Tax Code of 1961 stipulates compliance with Section 6 DD of the 1962 Income Tax Regulation - not commercially permitted - cash payment exceeding the limit - the Assessee Assessee, Regardless of whether you have paid without a doubt, whether authenticated by the seller by issuing a certificate to support this and paying the seller for review of the transaction, later on, Article 40A (3 ), We do not accept refusal - ownership is "

Ll) EMI Mass Cash Transaction - specially designed transactions for the purpose of this regulation, which will affect transfers, transfers, and values ​​above 10,000 AFN. Both transactions performed between the same two parties are done within one business day and the sum of these transactions is over 10,000 AFN and constitutes a large cash transaction.

The first rule on cash transactions that may be "commercial or professional interests and profits" under Article 40A (3) prohibits cash expenditure during the project / occupation period and currently has a maximum cap of 10,000 A fairly long list of Rupee exceptions beyond the Rule 6 DD of the Income Tax Regulations. This shows a long item that makes cash transaction possible. For detailed explanation or the above terms it is better to refer to the memorandum of understanding describing the term "financial law" that inserted the above clauses. According to circulation 6P / 1968 of the Convention on Biological Diversity, which explains the provisions of the "fiscal law" in 1968, "This provision is aimed at avoiding taxes by request for expenditure indicated as cash expenditure. Department of person's identity and repayment rationality