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 t...