Cash Transactions: Income Tax Department has taken a new decision to reduce tax evasion. The department will now keep an eye on the cash transactions of the people. If cash is spent in hospitals, banquet halls and shops, then the department will keep an eye in this manner.
Pan Card: The Income Tax Department has decided to keep an eye on cash transactions in hospitals, banquet halls and shops. The department has taken this step to prevent tax evasion. According to the Income Tax Department, cash transactions are sometimes not legal and these transactions can get you in trouble at any time. Taking cash of Rs 20,000 or more in the form of loan or deposit is prohibited. No person can take cash from any other person in total amount of Rs 2 lakh or more.
PAN number is being taken from patients
Income Tax Department officials said that many hospitals are not taking PAN cards from patients. For this, the department is making hospitals and people aware. Those hospitals will violate the law. A plan is being made to take legal action against them. Data is also being taken from health service providers. Through this, patients will be tracked who have given more cash to avail healthcare services. Annual Information Statement (AIS) will be used to find out if any mistake is found in the returns submitted by the Income Tax Department people.
Banquet hall also on radar
The Income Tax Department is also going to take strict action against banquet halls. Sometimes banquet halls do not even show cash transactions. Apart from this, the eyes of the department are also on some professionals. The department has taken action against many architects.
Income tax department bluntly to tax evaders
The Income Tax Department says that it has many information available with it. Through which he can easily reach the tax evaders. The Income Tax Department is monitoring large transactions through Annual Information Statement (AIS). This data will be processed. After that the data that does not match, those cases will be looked at again.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
