Income tax new rules cash transactions

Here are some crucial things to remember when storing cash-: If you make more than Rs. 20 lakh in cash in a financial year, you may be fined. If you need to deposit or withdraw more than Rs.50,000, you must provide the bank with your PAN details. If a person deposits more than Rs.50,000, you must provide the bank with your PAN details. If a person deposits more than Rs.1,20,000, he or she must provide PAN and Aadhaar cards. You are not permitted to spend more than Rs.2 lakh in cash. If you buy something worth more than Rs.2 lakh, you must provide your PAN card and Aadhaar card. A person who spends more than Rs.1 lakh on credit or debit cards may be subject to income tax scrutiny. The law states that you may not accept more than Rs 2 lakh in cash from a friend or relative. If you do, you must use the bank's channels.

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