https://www.taxtmi.com/article/detailed?id=8047 Purchasing a car entirely in cash invites tax authority scrutiny about the source of funds; maintaining books of account, filing income tax returns and preserving evidence of taxed receipts and savings are primary safeguards. Dealers have been asked to report high value cash sales, and a fiscal amendment imposes a penalty equal to the transaction amount on large cash dealings, effectively prohibiting them; the article raises but does not resolve whether cheque payments affect tax liability. en-us Mon, 02 Jul 2018 06:02:53 +0530 Mon, 02 Jul 2018 06:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8047 Purchasing a car entirely in cash invites tax authority scrutiny about the source of funds; maintaining books of account, filing income tax returns and preserving evidence of taxed receipts and savings are primary safeguards. Dealers have been asked to report high value cash sales, and a fiscal amendment imposes a penalty equal to the transaction amount on large cash dealings, effectively prohibiting them; the article raises but does not resolve whether cheque payments affect tax liability. Articles Income Tax Mon, 02 Jul 2018 06:02:53 +0530 https://www.taxtmi.com/article/detailed?id=8047