Tag Archives: Penalty on Cash Transactions

200% penalty on Cash Deposits over 2,50,000 is not 100% true You would have got a message (forward) about 200% penalty on cash deposits. Many people have called me to know the correctness of the penalty calculation! So, the question is Does all deposits over Rs.2.50 Lakhs in the account …

  Wherever possible, avoid cash transactions. There are draconian provisions under Income Tax Act which may hurt your peace of mind! Read this article to know more about it.   Firstly – Are you an income taxpayer? If yes, you are not allowed to accept Loan, Deposit, Repay loan/deposit by …