Restriction on cash transactions limits large cash receipts, mandates digital modes and penalises contraventions by law. The Bill tightens cash transaction rules by denying tax benefits for donations and capital or revenue expenditures paid in cash above specified daily thresholds unless paid by cheque, bank draft or electronic clearing; lowers the cash payment threshold in section 40A; offers reduced presumptive tax rates for turnover collected by non cash modes; and prohibits receiving large cash receipts with an equal amount penalty for contravention.
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Restriction on cash transactions limits large cash receipts, mandates digital modes and penalises contraventions by law.
The Bill tightens cash transaction rules by denying tax benefits for donations and capital or revenue expenditures paid in cash above specified daily thresholds unless paid by cheque, bank draft or electronic clearing; lowers the cash payment threshold in section 40A; offers reduced presumptive tax rates for turnover collected by non cash modes; and prohibits receiving large cash receipts with an equal amount penalty for contravention.
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