Spending Over 3 Lakh In CASH?? You Need To Take A GLANCE!!!
The Special Investigation Team (SIT) on black money headed by Justice M B SHAH (retired), submitted its fifth report to the supreme court of India on methods tocurb black money in the economy.
Some of the recommendations that has become part of the legislature are:-
- Quoting of PAN for any mode of payment
- TCS @ 1.1% on cash transactions of over Rs.2 lakhs.
STT has submitted its fifth report to the Supreme court on steps needed to curb black money. One of such recommendations is of banning cash transactions of over Rs.3 lakhs. It has also suggested on upper limit of Rs.15 lakhs on cash holding.
CBDT chairperson Rani Singh Nair has also favoured the banning of Cash transaction. Moreover it is also interesting that the forthcoming union budget be presented inJanuary instead of February as per tradition till date.She further added that it will bring in “more efficiency” as the public expenditure will start from first day of financial year.No doubt this will be a remarkable achievement on the part of government if they introduce the budget recommendation from 1st of Aprilreducing the problems faced by citizens when the finance bill receives its consent in May.