Supreme Court tightens grip on cash deals: Courts must report transactions over Rs 2 lakh to I-T department:-ET

 

In a significant judgment aimed at checking black money and tax evasion, the Supreme Court on Wednesday asked that the lower courts to notify the income tax department if any suit claims to have made a cash transaction of Rs 2 lakh and above. This is to intimate the tax authorities to verify the transactions and check violation of Section 269 ST of the Income Tax Act, 1961.

Read more at:
https://economictimes.indiatimes.com/news/india/supreme-court-tightens-grip-on-cash-deals-courts-must-report-transactions-over-rs-2-lakh-to-i-t-department/articleshow/120349465.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst