Explorer

Budget 2017: 100% penalty on cash transaction above Rs 3 lakh

NEW DELHI: Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official. Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT) on Black Money, the government had decided not to allow cash transactions above Rs 3 lakh. Any individual or firm which pays anyone over this amount will have to pay a 100 per cent penalty of the amount which exceeds this limit, according to Revenue Secretary Hasmukh Adhia. Adhia told CNBC TV18 that apart from the penalty, the expenditure would not be permitted under the Income Tax for companies making such a transaction above the limit.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections: Report
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections
'Kejriwal Ko Ashirwaad': Wife Sunita Kickstarts WhatsApp Campaign For Delhi CM
'Kejriwal Ko Ashirwaad': Wife Sunita Kickstarts WhatsApp Campaign For Delhi CM
Lok Sabha Polls 2024: JD(S) Announces Candidates For 3 Seats; HDK To Contest From Mandya
Lok Sabha Polls 2024: JD(S) Announces Candidates For 3 Seats; HDK To Contest From Mandya
Arvind Kejriwal Arrest: UN Steps In As Case Against Delhi CM Heats Up Ahead Of Lok Sabha Elections
Arvind Kejriwal Arrest: UN Steps In As Case Against Delhi CM Heats Up Ahead Of Lok Sabha Elections
Advertisement
for smartphones
and tablets

Videos

ABP Shikhar Sammelan 2024:Rajnath Singh takes a dig at Kejriwal over his arrest in Delhi Liquor CaseABP SHIKHAR SAMMELAN 2024: Rajnath Singh Talks About Border Issues In Arunachal Pradesh | ABP NewsABP Shikhar Sammelan 2024: Will Mukhtar Ansari's death be an electoral issue? | Rajnath SinghMukhtar Ansari Death: Jailed Gangster-Politician Mukhtar Ansari Dies Of Heart Attack | ABP News

Photogallery

Embed widget