Income Tax: If you make payment above the limit, you will get 100% income tax notice, know the rules..

Cash Payment: Most people adopt the path of online transfer through UPI to make small transactions, but whenever it comes to big payments. Such as real estate or business deals, then most people make payments in cash (cash payment rules). In such a situation, before making a payment in cash, you should know about the rules related to it. Today we are going to make you aware of the transactions of the Income Tax Department through this news.

Know what are the rules of the Income Tax Department-

For your information, let us tell you that the Income Tax Department has fixed the limit for payment in cash. The limit of the Income Tax Department is Rs 2 lakh. If a person makes a cash transaction of more than Rs 2 lakh (cash payment above 2 lakh rules), then he can come on the radar of the Income Tax Department.

Penalty on transactions of more than 2 lakh-

There are some provisions regarding payment in cash from the Income Tax Department. If a person violates these rules, he may have to pay a hefty fine. Under Section 269ST of the Income Tax Act, a 100 percent fine can be imposed on taking 2 lakh rupees or more in cash, even if it is in installments. Along with this, if you take a payment of 3 lakhs in parts on different days, that is, if you take or give a payment of 1 lakh every day, then this will also be considered illegal.

You can make a payment of more than 2 lakhs in this way-

In today's time, making online payments is a good means of transaction. There are many benefits of online transactions. For your information, let us tell you that if you want to take a payment of 2 lakhs or more from someone and also want to avoid paying the penalty, then there is a way for this too. For this you should transact only through bank transfer, UPI and online payment.

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