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999 purity:429/-(per 10 grams)
Articles :394/-(per 10 grams)
Post offices & Banks Excluded for cash transactions above 2 lakh
Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount would be levied on the receiver.
In a clarification on the newly inserted Section -- 269ST -- in the I-T Act, the Central Board of Direct Taxes (CBDT) said the restriction shall not apply to withdrawal from banks and post offices.
I-T Act, the Central Board of Direct Taxes (CBDT) said necessary notification with regard to ban on 2 lakh above cash transaction will be issued.
According to the rule, no individual can deal in cash in excess of Rs 2 lakh on a single day, in respect of a single transaction or in respect of transactions relating to one event or occasion from an individual.
The Finance Act also provides that any capital expenditure in cash exceeding Rs 10,000 shall not be eligible for claiming depreciation allowance or investment-linked deduction. Similarly, the limit on revenue expenditure in cash has been reduced from Rs 20,000 to Rs 10,000.
With an idea to promote digital payments in case of small unorganised businesses, the rate of presumptive taxation has been reduced from 8 per cent to 6 per cent for the amount of turnover realised through cheque/digital mode.
It also restricted cash donation up to Rs 2,000 for political parties for availing exemption from Income-tax.
"Further, it has also mandated that any donation in cash exceeding Rs 2,000 to a charitable institution shall not be allowed as a deduction under the Income-tax Act," the CBDT statement said.
The move to ban cash transaction above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy which would help nation in accountabity.
Today Gold rate
24ct:29230
22ct:27770
22ct:27770
Today Silver rate
999 Purity:41500kg
Articles:38per gram
Articles:38per gram
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