If Google Alert makes more than 20 thousand transactions, you will have to pay a fine of 20 thousand !! – News Himachali News Himachali

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Transaction: The Income Tax Department has issued strict warnings against cash transactions. Taxpayers are being warned about the losses and penalty caused by not following the rules.

According to the Income Tax Act, 1961, some discounts and allowances are not allowed for cash payments, and if the violation exceeds the specified limit, it will be fined equally.

“Call cash transactions as ‘no’. When the amount of transactions is low, people prefer to receive cash, pay and move, but it comes with damage,” the department said this in a wretches issued on 2 January 2025.

Transaction: Alert .. If you do more than 20 thousand transactions .. you will have to pay a fine of 20 thousand ..!

How much tax will be paid on transactions?

This document describes strict rules to discourage cash use. Section 269SS prohibits accepting more than more than ₹ 20,000 cash loan, deposits or specified amount. Penalty will be imposed equal to the sanctioned amount. Similarly, Section 269ST does not allow ₹ 2 lakh or more cash receipts a day from a person for a single transaction or transaction related to an incident, and those who violate the violations will be fined equal to the amount received.

  • Section 269SS: More than ₹ 20,000 cash loan, deposit or specified amount cannot be accepted.
  • Section 269ST: There cannot be more than ₹ 2 lakh cash receipts, the same transaction or related transactions in a day.
  • Section 269t: No cash refund for more than ₹ 20,000 loan or deposit (including interest).
  • Section 40A (3): There is no exemption in business expenses for more than ₹ 10,000 cash payment (₹ 35,000 for transporters).
  • Section 80G: There is no discount for more than ₹ 2,000 cash donation.

Fine:

To strengthen the warning, former Income Tax Principal Commissioner Ramakrishnan Srinivasan gave the example of an unknown former actress about violation of the cash loan limit, who she fined an amount equal to the sanctioned loan. He underlined the need for awareness about these rules.

The return will also be under strict supervision. Section 269t prohibits cash withdrawal for more than ₹ 20,000 loan or deposit, and violations will be fined equal to the return amount. Businesses with a turnover of ₹ 50 crore or more have been made mandatory to provide digital payment options such as UPI, NEFT, and BHIM under Section 269SU. Following the rules will be fined ₹ 5,000 daily.

These steps have been taken with the aim of promoting changes towards digital financial systems and reducing dependence on cash transactions. By integrating these rules, the Income Tax Department is trying to explain its loss to taxpayers and to increase cooperation.

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