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I-T warns against cash dealings of Rs 2 lakh, seeks tip-off

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The Income Tax department on Friday warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to ´blackmoneyinfo@incometax.gov.in´. The government has banned cash transactions of Rs 2 lakh or more from April 1, 2017, through the Finance Act 2017.

Business Standard New Delhi, 03rd June 2017

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