CURRENT AFFAIRS

Detailed explanation-1: -High-value transactions According to Section 269ST, no person can receive an amount of Rs 2 lakh or more in aggregate from a person in a day in a single transaction; or, in multiple transactions relating to one event or occasion from a person.

Detailed explanation-2: -Even if you receive money from any family member, you must follow this guideline. To limit the usage of cash in high-value transactions, the government, under Section 269ST, prohibits anyone from accepting cash worth more than ₹ 2 lakh.

Detailed explanation-3: -Certain types of Cash transactions have serious consequences. No person is permitted to accept Rs. 20, 000 or more in cash a) for any loan or deposit or b) any amount in relation to transfer of any immovable property (even if transfer does not take place).

Detailed explanation-4: -According to Section 40A(3), the Tax Act of India will disallow any expenditure over ₹10, 000 that is paid for in cash. It is crucial that all taxpayers use banking methods like a debit, account transfer, check, or demand draft when making any payments for expenses that total more than ₹10, 000.