cash transactions

Up to 100% penalty: Income Tax crackdown on cash transactions you can’t ignore

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Up to 100% penalty: Income Tax crackdown on cash transactions you can’t ignore

The Income Tax Department has issued a strong warning against cash transactions, cautioning taxpayers about the risks and penalties associated with non-compliance. Under the Income Tax Act, 1961, certain deductions and allowances are disallowed for cash payments, and violations above specified limits can attract penalties equal to the amount involved. “Say ‘No’ to cash transactions. … Read more

Severe tax penalties on these cash transactions; check I-T dept’s latest note

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Severe tax penalties on these cash transactions; check I-T dept’s latest note

The Income Tax Department has recently published a brochure stressing the importance of avoiding cash transactions to reduce the risk of tax penalties. The primary goal of this campaign is to educate taxpayers about the potential financial consequences of engaging in cash transactions, which could result in harsh penalties according to the Income Tax Act. … Read more