Thursday, 2 February 2017

A Comment on Ban of Cash transactions above Rs 3 lakh

My Comment on an article "Arun Jaitley bans cash transactions above Rs 3 lakhs" published in the Dated 01/02/2017.

"Why is it above Rs 3 lacs? Why not ban at Rs 2 lakh itself?"

"Further, it is clearly mentioned that the Rs 3 lakh limit does not apply to people having agriculture income. So, where is the problem? Why should one indulge in cash transactions for such larger amounts at all?"

Those who do not understand or have problems in perceiving the Rs 3 lakh limit or my comment may refer to sections 269 SS and 269T of income tax act and also to an article on Financial Express which explains it very clearly at this link.

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