Income Tax department on Friday warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to ‘blackmoneyinfo@incometax.gov.in’. The government has banned cash transactions of Rs 2 lakh or more from April 1, 2017, through the Finance Act 2017. The newly inserted section 269ST in the Income Tax Act bans such cash dealings…
Read MoreI-T warns against cash dealings of Rs 2 lakh or more, seeks tip-off
