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Personal Finance Income Tax: CBDT gave special instructions to the Income Tax Department regarding cash transactions of more than 2 lakhs – Details here By Shyamu Maurya August 19, 2024 0 58 Share Facebook Twitter Pinterest WhatsApp Telegram Income Tax: CBDT gave special instructions to the Income Tax Department regarding cash transactions of more than 2 lakhs - Details here Income Tax: CBDT has also asked the tax department to make concrete efforts to recover outstanding demands, which have seen a sharp increase compared to the previous financial year. Income Tax: The Central Board of Direct Taxes (CBDT), the apex body of direct tax administration in the country, has asked the Income Tax Department to investigate large-scale cash transactions in business sectors such as hotels, luxury brand sales, hospitals and IVF clinics. The board said that this investigation should be done without unnecessary interference.
The CBDT has also asked the tax department to make concerted efforts to recover outstanding demands, which have seen a sharp increase since the last financial year. In this regard, the board has recently released the Central Action Plan (CAP) 2024-25. It is mandatory to report cash transactions of more than Rs 2 lakh Senior officials told PTI that cash transactions of more than Rs 2 lakh by financial institutions were required to be disclosed through the Statement of Financial Transactions (SFT), but this was not being done.
The board has told the Income Tax Department that on investigating such reports, it was found that these provisions were being violated widely. It further said that high value consumption expenditure needs to be verified with information about taxpayers. Rules are being violated here The department has identified hotels, banquet halls, luxury brand retailers, IVF clinics, hospitals, designer clothing shops and NRI quota medical college seats where these rules are not being followed and large cash transactions are taking place.
CBDT directed the tax department to identify such sources and verification work can be done by seeking information in a non-intrusive manner. Join Informal Newz Tags CBDT Income tax Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Bajrang Punia insulted the tricolor, placed a shoe on the flag during Vinesh Phogat’s welcome ceremony, uproar ensued Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018.
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