Twitter

Facebook

Youtube

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
  Rashtriya Sahara Roznama Sahara
100% penalty on cash transaction above Rs 3 lakh
Last Updated : 01 Feb 2017 02:27:04 PM IST
(File Photo)
(File Photo)
 

Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official.

Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT) on Black Money, the government had decided not to allow cash transactions above Rs 3 lakh.

Any individual or firm which pays anyone over this amount will have to pay a 100 per cent penalty of the amount which exceeds this limit, according to Revenue Secretary Hasmukh Adhia.
 


Adhia told CNBC TV18 that apart from the penalty, the expenditure would not be permitted under the Income Tax for companies making such a transaction above the limit.
 



IANS
For Latest Updates Please-

Join us on

Follow us on


What binds the two most talked about nations - India and Pakistan together? What makes the

Actress Bipasha Basu on Monday shared the newborn picture of her baby girl Devi, portrayin

LG Electronics Inc said on Wednesday that it will introduce new C with its artificial inte

 

Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live

172.31.16.186