The
Income Tax Department on Wednesday clarified that the Rs 2 lakh cash transaction
limit, as announced in the Finance Bill, 2017, will not be applicable on
withdrawals from bank, cooperative bank or a post office savings account.
“Restriction
on cash transaction shall not apply to withdrawal of cash from a
bank/co-operative bank or a post office savings bank,” the department said in a
tweet.
In a
move to curb black money, the government has placed a ceiling of Rs 2 lakh on
cash transactions, which is lower than the Rs 3 lakh proposed in Budget 2017-18.
The penalty for violating this is a fine equivalent to the amount of
transaction.
An
amendment to this effect has been made in the Finance Bill, 2017, which has been
approved by the Parliament.
“No
person (other than those specified therein) shall receive an amount of Rs 2 lakh
or more, in aggregate from a person in a day; in respect of a single
transaction; or in respect of transactions relating to one event or occasion
from a person, otherwise than by an account payee cheque or account payee bank
draft or use of electronic clearing system through a bank account,” the
department said.
The
other major announcements in the Finance Bill include, restriction on receipt of
cash donation up to Rs 2,000 for political parties and reducing presumptive
taxation for small unorganised businesses from 8 per cent to 6 per cent for the
amount of turnover realised through cheque or digital mode.
Source : http://www.hindustantimes.com
No comments:
Post a Comment