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Credit card bill payment exempt from cash dealing limit: Revenue department

Income Tax Department has exempted five entities from the purview of this Section

Press Trust of India  |  New Delhi 

Restrictions on cash dealings of Rs 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments, the revenue department has said. The Finance Act 2017 banned cash transaction of Rs 2 lakh or above with effect April 1, 2017.

However, some exceptions were made. Through a notification, the Income Tax Department has exempted five entities from the purview of this Section. These include receipts by a business correspondent on behalf of a banking company or co-operative bank; and receipt by a company or ...

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First Published: Tue, July 04 2017. 16:38 IST
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