Income Tax Department warns Cash Transactions, Welcomes Information on Black Money and Benami Transactions

In order to promote the cashless economy and eliminate domestic fraud, the income tax office urges the taxpayer not to exchange cash.

Central Direct Taxation (CBDT) has posted consultation on the official website for cash transactions beyond the statutory limit. The recommendations issued by the Board remind taxpayers not to receive Rupee cash. One or more transactions per day, or one or more transactions related to an event or event totaling more than 2,000,000 / -. Non monetization restriction Since the cash transaction exceeded the rupee 2017 "Financial Act" was established. 2 rupees

It further stated that it is less than the number of R. For the transfer of real estate, you need to claim or repay it with cash of more than $ 20,000. 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

Any information on money laundering, including information on revealed income / assets (including India and overseas) and Benami's transactions, can be submitted to the Secretary of the Attorney / Investigation. " I said.

CBDT recently announced a new program called Income Tax Information Notification Incentive Program 2018. Through this, the department will provide internal accuser remuneration of up to 500 rupees. This plan provides incentives and rewards to people acting as information providers under the program.

In addition, the 1988 Bemino Trade Whistleblower Incentive Program will provide regulatory bodies with information on Benami's property that can be prosecuted under the 1988 Beinco Property Transactions Law, pursuant to the 2016 Benin Trading (Prohibition) Amendment Act Announced. .

According to Indian Criminal Code No. 1860 and 1988 Anti Corruption Act, Indian civil servants may be punished for corruption. In 1988 the Banami Trading Prohibition Act banned Benami transactions. In 2002, the Anti-Money Laundering Act imposed penalties on civil servants' money laundering crimes. Since 2005, India has also been a party to the United Nations Convention on Anti-Corruption (unapproved). This Convention covers a wide range of corruption activities and proposes specific prevention policies.

Trading The newly introduced regulation is the result of the proposal submitted by the special investigation team of the Supreme Court in July 2011. The purpose of restricting cash transactions is to suppress the flow of domestic black money. This not only has a negative impact on domestic black money income. The government has also influenced the investment for production purposes. Since most black money is traded in cash, it has not been considered yet, and considerable amount is not productive. The purpose of these restrictions on money is to reduce the cash economy and reduce the occurrence and distribution of black money. In order to curb black money and limit the amount and quantity of cash transactions, the government has introduced several new regulations and related regulations and prohibits the use of certain types of cash payments in financial bills.