By : Oneindia Video Team
Published : March 22, 2017, 09:01
Duration : 01:19
Government reduces cash transaction limit to 2 lakh, Aadhar must for Income tax
Government decided to reduce the cash transaction limit from Rs 3 lakh to Rs 2 lakh, and make Aadhaar number mandatory for filing income tax returns and applying for a PAN card. The decisions were part of amendments moved to the finance bill, which puts into effect the Budget proposals. So cash transactions above Rs2 lakh will be illegal once the Finance Bill gets the President’s assent. The Budget 2017 had proposed cash transactions of more than Rs 3 lakh value be banned but the finance bill tabled on Tuesday lowers the ceiling, said revenue secretary, Hasmukh Adhia. The amendments also make Aadhaar must for tax returns and PAN applications beginning July 1. Aadhaar enrolment number while filing ITR could also be accepted. Failing to declare Aadhaar may lead to PAN being deemed invalid.