100 percent penalty payable on cash transactions of 2 lakhs or more – India Spot News
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100 percent penalty payable on cash transactions of 2 lakhs or more

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Income Tax department has warned people against indulging in cash transactions which are equal to 2 lakhs or more, according to the department, people will have to cough up a similar amount of the cash transaction as penalty in case of transactions of 2 lakhs or more.

The receiver of the amount will have to cough up an amount equal to what he has received.

The income tax department has given an email on which people can inform about such transactions –  blackmoneyinfo@incometax.gov.in ‘.

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