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Cash - Cash Penalty | Income Tax on Cash Transactions | Money Transactions #shorts
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Income tax on the cash transactions, cash transaction limit, and how much cash can you transfer. Let us make it easier for you. Under the rules of the income tax department of india, all your cash transactions are monitered and there is a cash transaction limit, and penalty on cash transctions. If you fail to adhere to the cash transaction limit, you could be charged with as much as 100 percent penalty on the amount recovered.
Here are 6 cash transactions you need to be mindful of:
1) Transactions exceeding Rs 2Lakh can only been done with identity proof such as your adhaar card or PAN card or through a bank transaction.
2) Cash transactions of a single person for a year can only be Rs 20Lakh rupees, exceeding this may attract a penalty/fine.
3) Cash transactions or spends on your credit card exceeding Rs 1Lakh can be investigated.
4) Cash transactions from a single or multiple individuals as gifts cannot exceed Rs 2Lakh rupees, if you need to gift above the limit, it can be done through bank transfer.
5) Purchase of property or sale of a property above the cash transaction limit of Rs 30Lakh rupees could attract income tax investigation
6) Donation of Rs 2000 only can be done through cash transaction.
7) Cash transaction as a loan of not more than Rs 20,000 can be taken from anyone.
A lot of cash transactions in India are unaccounted for. The Government has recently initiated various measures to curb cash transactions and boost digital payments and digital currency.
To know more about digital currency watch this video ⬇️
Want to watch more informative content like this? Comment below!
Watch to watch more videos like this? Subscribe to Navi now!
#cash #transaction #income #incometax #cashlimit #money #banktransfer #bank #onlinetransaction #moneytransfer #buyproperty #cashlimit #limit #penalty #navi
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For more information, here are a few of our blogs that you can read:
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Navi-pedia videos aim to simplify important money matters so that you can make correct financial decisions. If you liked our video and it has helped you in any way please do like, comment and subscribe to our channel to know and understand more about health insurance, personal loans, home loans and mutual funds. If you have any other questions do not hesitate to drop them in the comments section below and we will try our best to answer them.
Here are 6 cash transactions you need to be mindful of:
1) Transactions exceeding Rs 2Lakh can only been done with identity proof such as your adhaar card or PAN card or through a bank transaction.
2) Cash transactions of a single person for a year can only be Rs 20Lakh rupees, exceeding this may attract a penalty/fine.
3) Cash transactions or spends on your credit card exceeding Rs 1Lakh can be investigated.
4) Cash transactions from a single or multiple individuals as gifts cannot exceed Rs 2Lakh rupees, if you need to gift above the limit, it can be done through bank transfer.
5) Purchase of property or sale of a property above the cash transaction limit of Rs 30Lakh rupees could attract income tax investigation
6) Donation of Rs 2000 only can be done through cash transaction.
7) Cash transaction as a loan of not more than Rs 20,000 can be taken from anyone.
A lot of cash transactions in India are unaccounted for. The Government has recently initiated various measures to curb cash transactions and boost digital payments and digital currency.
To know more about digital currency watch this video ⬇️
Want to watch more informative content like this? Comment below!
Watch to watch more videos like this? Subscribe to Navi now!
#cash #transaction #income #incometax #cashlimit #money #banktransfer #bank #onlinetransaction #moneytransfer #buyproperty #cashlimit #limit #penalty #navi
If you found this video helpful, do subscribe to our YouTube Channel.
For more information, here are a few of our blogs that you can read:
—------------------------------------------------------------------------------------------------------------------
Subscribe 🔔 to the Navi YouTube Channel & watch the best videos on Personal Finance (Insurance, Loans, Investments and Money Management).
—------------------------------------------------------------------------------------------------------------------
Navi-pedia videos aim to simplify important money matters so that you can make correct financial decisions. If you liked our video and it has helped you in any way please do like, comment and subscribe to our channel to know and understand more about health insurance, personal loans, home loans and mutual funds. If you have any other questions do not hesitate to drop them in the comments section below and we will try our best to answer them.
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