Cash transactions

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UNION BUDGET 2017: RESTRICTION ON CASH TRANSACTION Limit for disallowance of business expenditure made in cash is reduced from Rs 20,000 to Rs 10,000 made to a person per day. (Limit of Rs 35,000 for payment made to transporters however continues) Above disallowance is extended on capital expenditure also by restricting depreciation and Capital Expenditure…

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In order to promote digitisation system in the economy, the Central Government of India is making amendments in laws in every year’s budget. Take an example of Budget of F.Y.2017-18, the government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash…

Read More Check this Income Tax provisions before entering into Cash Transactions