🇮🇳

RuleMate India

Government rules made easy. Just ask.

SHORT ANSWER: The penalty for cash transactions above the limit is 100% of the amount received in cash. DETAILS: - The limit for cash transactions is ₹2 lakh as per the Income Tax Act. - Any cash transaction exceeding this limit is considered invalid. PUNISHMENT / IMPLICATIONS (if applicable): - A penalty of 100% of the amount received in cash will be levied. SOURCE: - Income Tax Act, 1961
Related Questions:
✓ Clarifying Indian regulations through an educational lens.
About RuleMate India

RuleMate India helps people understand Indian government rules, laws, fines and procedures in simple language.

Disclaimer: This website provides general information on Indian government rules and laws for educational purposes only. It is not legal advice. Laws and rules may change. Always verify with official government notifications or consult a qualified professional.