Business

Income Tax: From now on, there is an eye of the department on the transactions happening in banquet halls, hospitals and industries

According to the Income Tax Department, cash transactions of more than 20,000 are banned in the country.

These days the Income Tax Department is keeping a close watch on tax evaders. Now the department has started monitoring such transactions to prevent tax evasion in banquet halls, hospitals and industries. According to the Income Tax Department, there is a ban on cash transactions of more than 20,000 in the country.

More than twenty thousand cash transactions invalid

Let us tell you that according to the Income Tax Department, any transaction above 20,000 is mandatory for any work through banking channels only. Apart from this, no person in the country can transfer more than Rs 2 lakh in cash from any other person. Further, a person cannot make cash donations to political parties or registered trusts to avail any tax exemption. The Income Tax Department is probing cash transactions in several institutions and industries, including hospitals. IT department officials confirmed that in many cases, health facilities like hospitals ignored the rule of obtaining a patient’s PAN card while admitting patients. Significantly, the Income Tax Department is now preparing to take action against such hospitals. The IT department is planning to use the data of healthcare providers to track patients paying huge cash for private medical facilities, including hospitals. Officials said the income tax department is using data like annual information statement to check whether there are any discrepancies in the returns filed by people.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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