New Delhi: The Income Tax Department on Monday warned people against cash dealings of Rs 2 lakh and more, saying any violation of this cap will invite strict penalty
under law.
In a public message, the department said "accepting Rs 2 lakh or more in aggregate from a single person in a day for one or more transactions relating to one event or occasion is prohibited".
"Similarly, receiving or repaying Rs 20,000 or more in cash for transfer of immovable property and paying more than Rs 10,000 in cash relating to expenditure of business or profession is also banned.
"Cash payment prohibited! Contravention may result in levy of penalty! Go cashless. Go clean," the message stated.
The tax department has also asked the public to report such violations or those pertaining to black money to their jurisdictional principal commissioner of I-T department or email the same to blackmoneyinfo@incometax.gov.in.
The department, in the past, has issued similar public advertisements.