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PENALTIES FOR CASH TRANSACTIONS
From cash receipts to property deals: 8 key income tax limits every taxpayer should know to avoid penaltiesNew rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions. Individuals cannot receive over Rs 2 lak...- This is how a company tricks you into thinking it's bigger than it is in realityRevenue is not always the amount written on the invoice. The final number can change because of rebates, returns, penalties, warranties, cu...
- How global scammers use US tech to fleece peopleIndian scammer Safeer Koorimannil reveals how AI from American tech giants fuels global fraud rings in Myanmar. Trafficked to a scam center...
- Foreign investments in your portfolio? Follow this ITR checklist to avoid tax scrutinyResident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose overseas investments, dividends and ...
- Balance sheet trick: Decoding another manipulation, and how to spot a bad apple in your portfolio before othersThere is one line in the accounts that most investors skip because it looks routine. But behind that line can sit disputed demands, old los...
- Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rulesA woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her fa...
- Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT MumbaiAn NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this mon...
- Credit at the tap: The opportunities and risks of India’s digital lending boomIndia's digital lending is rapidly transforming credit access, with mobile apps now disbursing significant loan volumes, especially to youn...
- SC order turns up tax heat on old benami transactionsThe Supreme Court has ruled that tax authorities can retroactively apply the benami law to confiscate assets from transactions predating 20...
- Paid over Rs 2 lakh in cash? You could face Income Tax trouble; check rules for gold, property and other transactions limits
- These cash transactions may attract up to 100% penalty by Income Tax DepartmentPenalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their da...
- How much gold can you buy in cash without and with PAN, Aadhaar proof?Many people are inquiring from jewellers about buying gold from the withdrawn Rs 2000 banknote. However, not many people are aware of how m...
- Cash loans above Rs 20,000 can invite penaltyLoans from certain institutions such as banks, government departments, and Post Offices are exempted, but cash transactions with other enti...
- When to say 'No' to cashThe move to curb cash transactions above a threshold is aimed at curbing black money and promoting digital economy.
- Income Tax Department warns against cash dealings above Rs 2 lakhThe department said, “accepting Rs 2 lakh or more in aggregate from a single person in a day for one or more transactions relating to one e...
- Income Tax department warns against cash dealings of Rs 2 lakh, seeks tip-offI-T dept also advised people having knowledge of such dealings to tip-off the tax department by sending an email to 'blackmoneyinfo@incomet...
- Penalty for those accepting cash above Rs 3 lakh: Hasmukh AdhiaHasmukh Adhia said the penalty for doing cash transaction will be steep and the receiver will have to pay an amount equivalent to the cash ...
- Budget 2017 proposes ban on cash transactions above Rs 3 lakhTo achieve the mission of a less cash economy, and reduce the generation and circulation of black money, the government has proposed this m...
- RBI penalises two Gujarat-based co-op banksRBI has imposed penalty of upto Rs 5 lakh on two Gujarat-based co-operative sector lenders -- Mehsana Urban Co-operative Bank Ltd and Jamna...
- FMC to examine commexes' circularsCirculars issued by commodity exchanges — Mumbai-based MCX and NCDEX and Ahmedabad-based NMCE — that warn members of punitive action for ca...
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