Income tax department to monitor cash transactions above limit

 

The income tax department, in a bid to prevent tax evasion, will monitor cash transactions in businesses that exceed the cash limit.

The income tax department will be monitoring cash transactions in hospitals, banquet halls and businesses to prevent tax evasion.

As per the income tax department, accepting Rs 20,000 or more in cash for a loan or deposit is prohibited, and such transactions must be done only through banking channels. Additionally, a person is not allowed to receive Rs 2 lakh or more in cash in aggregate from another person. People also cannot file donations made in cash to a registered trust or political party as deductions.

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The department is monitoring cash transactions in some institutions and businesses including hospitals. According to a report by NDTV, officials from the department confirmed that health facilities in several instances disregarded the rule to collect the patient’s PAN cards when they get admitted.

The income tax department is now planning action against such hospitals. The department plans to use the data from health service providers to track patients who have paid large sums to private medical facilities.

The tax department is utilising detailed data such as the Annual Information Statement to detect any discrepancy in the returns filed.

Source :
India Today

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