IT IS A KNOWN FACT THAT THE CENTRAL GOVERNMENT IS TAKING A NUMBER OF STEPS TO PROMOTE CASHLESS TRANSACTIONS IN THE COUNTRY. AS PART OF THAT, THE INCOME TAX DEPARTMENT HAS ALSO FOCUSED ON CASH TRANSACTIONS. IN PARTICULAR, IT ISSUED WARNINGS THAT NOTICES WOULD BE ISSUED IF CASH TRANSACTIONS EXCEED THE PERMISSIBLE LIMIT. THEREFORE, PEOPLE SHOULD ONLY MAKE CASH TRANSACTIONS AS PERMITTED. OTHERWISE THE IT DEPARTMENT WILL SEND NOTICES. THEN ACTION WILL BE TAKEN ACCORDING TO THE LAW. LET US NOW FIND OUT WHAT ARE THE LIMITATIONS OF CASH TRANSACTIONS IN THIS ORDER.
1. A fixed deposit of only Rs. 10 lakhs should be made in banks. Beyond that, the Income Tax Department will send you notices.
2. Real estate holders can make cash transactions up to a maximum of Rs.30 lakhs. If the limit is exceeded, checks and cash transactions must be made by online transfer. If the limit of Rs. 30 lakhs is exceeded, the IT department will question. Sends notices if necessary. Transactions must be made subject to the limit.
3. The cash deposit limit for savings accounts in banks has been fixed at Rs. 1 lakh while the cash deposit limit for current accounts has been fixed at Rs. 50 lakhs. If that limit is exceeded the IT department will send notices.
4. Investors in mutual funds should not exceed Rs.10 lakhs.
5. Those who pay credit card bills can pay up to Rs. 1 lakh in cash. Pay online if the limit is exceeded. Or become violators of the rules. The IT department issues notices.
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