CASH WALLET

Cash Transaction – Limit & Penalty Under Income Tax Act

In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black money. The Government has recently initiated various measures to curb cash transactions and boost digital payments. In this article, we look at the cash transaction limit under the Income Tax Act along with the …

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Section 194N – TDS on cash withdrawal in excess of Rs 1 crore

5 High-Value Cash Transactions That Can Get You Income Tax Notice

If you engage in high-value cash transactions, then you are likely to get a notice from the Income Tax Department. When the value of a transaction surpasses a specific level, the Income Tax Department must be notified. The tax department maintains a tight eye on a variety of cash-related activities; banks, mutual fund companies, brokerages, …

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Cash Transaction Rules, Limit & Penalty – Under the Income Tax Act

In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black money. The Government has recently initiated various measures to curb cash transactions and boost digital payments. In this article, we look at the cash transaction limit under the Income Tax Act along with the …

Cash Transaction Rules, Limit & Penalty – Under the Income Tax Act Read More »

Under the rules of Income Tax, cash transaction of more than 2 lakhs is not allowed in any case. In which if the rules are ignored, then the notice of the tax department can come.

Cash transactions: Those cash transactions which are monitored by the Income Tax Department

Under the rules of Income Tax, cash transaction of more than 2 lakhs is not allowed in any case. In which if the rules are ignored, then the notice of the tax department can come. If 10 lakh cash has been withdrawn or deposited from savings accounts in a financial year, then the bank shares …

Cash transactions: Those cash transactions which are monitored by the Income Tax Department Read More »

Under the rules of Income Tax, cash transaction of more than 2 lakhs is not allowed in any case. In which if the rules are ignored, then the notice of the tax department can come.

Cash transactions: Those cash transactions which are monitored by the Income Tax Department

Under the rules of Income Tax, cash transaction of more than 2 lakhs is not allowed in any case. In which if the rules are ignored, then the notice of the tax department can come. If 10 lakh cash has been withdrawn or deposited from savings accounts in a financial year, then the bank shares …

Cash transactions: Those cash transactions which are monitored by the Income Tax Department Read More »

GOOGLE UPI PAYMENT

Big news for Google Pay users, this special feature can start soon

NFC-enabled transactions are more intuitive and convenient. Many fintech companies are working on NFC payments as it allows transactions without the use of an Internet connection. Given the need for social distancing in the midst of the Corona crisis, Google Pay is launching NFC based payments for its users. NFC based payment does not require …

Big news for Google Pay users, this special feature can start soon Read More »

RBI

Money in various cash wallets can be withdrawn from ATM and PoS terminals soon

Read on App The Reserve Bank of India announced that soon money kept in various cash wallets can be withdrawn from ATM and Point of Sale terminals. Detailed instructions will be issued separately. At present Reserve Bank of India has permitted 35 prepaid payments instruments i.e. PPI. It includes Delhi Metro Card, Amazon Pay, Phonepe, Ola …

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