NEW DELHI: Government today again clarified that no person shall receive an amount of Rs two lakh or more in an aggregate from a person in a day, in respect of a single transaction or in respect of transactions relating to one event or occasion from a person. If he or she does so, they have to pay a penalty of a sum equal to the amount of such receipt.
According to a statement issued by the Finance Ministry, the Government has taken these steps through the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. It includes placing restriction on cash transaction by introduction of New Sections 269ST & 271DA to the Income-tax Act. (AGENCIES)
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