Cash transactions over the limit at hospitals, banquet halls may land you in trouble
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India
oi-Deepika S
New
Delhi,
Aug
21:
With
an
eye
on
tax
evasion,
the
income
tax
department
has
set
its
sight
on
cash
transactions
in
hospitals,
banquet
halls,
and
businesses
to
prevent
tax
evasion.
As
per
the
Income
Tax
Department,
accepting
Rs
20,000
or
more
in
cash
for
a
loan
or
deposit
is
prohibited,
and
such
transactions
must
be
done
through
banking
channels.
Representational
Image
Besides,
accepting
cash
worth
Rs
2
lakh
or
more
in
aggregate
from
a
single
person
in
a
day
or
one
event
or
occasion
will
lead
to
a
violation
of
cash
transaction
law.
ATM
dispenses
5
times
extra
cash
in
Nagpur;
locals
rush
to
withdraw
money
after
news
People
also
cannot
file
donations
made
in
cash
to
a
registered
trust
or
political
party
as
deductions.
The
department
is
monitoring
cash
transactions
in
some
institutions
and
businesses
including
hospitals.
Certain
professionals
are
also
under
the
radar
of
the
department,
reports
The
Times
of
India.
The
law
mandates
that
the
healthcare
institutes,
upon
admission,
must
collect
PAN
cards
of
patients.
The
Income
Tax
department
is
now
mulling
action
against
such
hospitals.
The
department
may
use
the
data
from
health
service
providers
and
track
patients
who
have
paid
large
sums
to
private
medical
facilities.
To
enforce
these
rules,
the
department
is
utilising
detailed
data
such
as
the
Annual
Information
Statement
to
detect
any
discrepancy
in
the
returns
filed.
Story first published: Sunday, August 21, 2022, 12:24 [IST]
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