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Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts

This applies even to transactions with close relatives; penalty can be up to 100% of amount received

Topics
Personal Finance  | Income tax

Bindisha Sarang 



ITR, Tax, income tax, income tax returns
Under special circumstances, if the taxpayer is able to provide a legitimate reason for the cash transaction to the assessing officer, he could avoid paying the penalty.

In a recent case, the Income- Appellate Tribunal (ITAT), Delhi bench, held that cash gifts from brother and sister can’t be treated as ‘unexplained’ by the assessing officer, especially if they were given for a medical emergency. The case, however, once again highlights the need for taxpayers to know the rules and limits that govern cash transactions.

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First Published: Thu, August 18 2022. 21:17 IST

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