If you also transact more than ₹ 20,000 in cash-whether it is borrowed from a relative or business transaction-then be alert now. In the Section 269SS and 271D of Income Tax Act 1961, taking or giving a cash loan of more than ₹ 20,000 can be fined the same amount. At the same time, if you pay any one person in more than ₹ 10,000 cash in a day, then that cost will not be eligible for tax deduction. If the Health Insurance Premium is filled in the cash, then tax will not be given. Apart from this, if you did not do an ITR file and do more than ₹ 20 lakh cash withdraw in a year, then 5% TDS will have to be paid. Supreme Court has also ordered in April 2025 that a cash transaction of more than ₹ 2 lakhs is violated by the Section 269ST, and the section will be complete under the CASH 271DA. Do big transactions with digital mode or cheque.
More than ₹ 20,000 cash transaction may be heavy! Know the strict Guidelines of Income Tax | Paisa Live | Cash transactions of more than ₹ 20,000 can be costly! Know the Striint Guidelines of Income Tax
