Beware of cash transactions under Income Tax

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2024-12-24 05:54:42 - Translate -

Cash transactions have long been a subject of scrutiny by the Indian Income Tax Department due to their potential for tax evasion and unaccounted money circulation. It is important for taxpayers to know these limits in order to make sure their expenditure does not get disallowed under the Income Tax Act. Sec. 40A(3): Cash expenses made to a single person in a day if the amount...

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