<p>The Income Tax (I-T) Department on Friday sought tip-offs on cash dealings of Rs 2 lakh or more. Issuing an advertisement in leading dailies, it asked people having knowledge of such dealings to tip-off the tax department by sending an email to blackmoneyinfo@incometax.gov.in. It warned those engaging in cash transactions of Rs 2 lakh or more, saying anyone found violating the norms will have to pay an equal amount as penalty.<br /><br />The move by the I-T department comes days after Finance Minister Arun Jaitley said those dealing in unaccounted cash will not be safe.<br /><br />From April 1, 2017, cash transactions of Rs 2 lakh or more stood banned after the enactment of the Finance Act 2017. The newly inserted section 269ST in the Income Tax Act bans such cash dealings on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual.<br />“Contravention of Section 269ST would entail levy of 100% penalty on the receiver of the amount,” the department said.<br /><br />In the 2017-18 budget, Jaitley had proposed to ban cash transactions of over Rs 3 lakh. This limit was lowered to Rs 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha in March.<br /><br />The restriction is not applicable to any receipt by the government, banking company, post office savings bank or co-operative bank, the department said.<br /><br />The government had come out with a tax amnesty scheme —Pradhan Mantri Garib Kalyan Yojana (PMGKY) — under which people holding unaccounted cash could come clean by declaring their wealth and pay 50% as tax and penalty. <br /><br />However, a day ago, Revenue Secretary Hasmukh Adhia admitted that the response to PMGKY “has not been so good” as only Rs 5,000 crore unaccounted income was declared under the scheme.<br />DH News Service</p>
<p>The Income Tax (I-T) Department on Friday sought tip-offs on cash dealings of Rs 2 lakh or more. Issuing an advertisement in leading dailies, it asked people having knowledge of such dealings to tip-off the tax department by sending an email to blackmoneyinfo@incometax.gov.in. It warned those engaging in cash transactions of Rs 2 lakh or more, saying anyone found violating the norms will have to pay an equal amount as penalty.<br /><br />The move by the I-T department comes days after Finance Minister Arun Jaitley said those dealing in unaccounted cash will not be safe.<br /><br />From April 1, 2017, cash transactions of Rs 2 lakh or more stood banned after the enactment of the Finance Act 2017. The newly inserted section 269ST in the Income Tax Act bans such cash dealings on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual.<br />“Contravention of Section 269ST would entail levy of 100% penalty on the receiver of the amount,” the department said.<br /><br />In the 2017-18 budget, Jaitley had proposed to ban cash transactions of over Rs 3 lakh. This limit was lowered to Rs 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha in March.<br /><br />The restriction is not applicable to any receipt by the government, banking company, post office savings bank or co-operative bank, the department said.<br /><br />The government had come out with a tax amnesty scheme —Pradhan Mantri Garib Kalyan Yojana (PMGKY) — under which people holding unaccounted cash could come clean by declaring their wealth and pay 50% as tax and penalty. <br /><br />However, a day ago, Revenue Secretary Hasmukh Adhia admitted that the response to PMGKY “has not been so good” as only Rs 5,000 crore unaccounted income was declared under the scheme.<br />DH News Service</p>
