Income Tax Department today warned people against indulging in cash transactions of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.It also advised people having knowledge of such dealings to tip-off
the tax department by sending an email to '[email protected]'. The government has banned cash transactions of Rs 2 lakh or more from April 1, 2017, through the Finance Act 2017. - www.business-standard.com[03-06-2017]