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Rs.2 lakhs Cash limit in Income Tax


The term "Rs. 2 lakhs cash limit in Income Tax" refers to the restriction imposed by the Indian Income Tax Department on cash transactions. Specifically, this regulation is part of the government's efforts to curb black money and promote digital transactions. According to the tax laws, any cash transaction exceeding Rs. 2 lakhs is not permissible. This rule is applicable in various scenarios, such as when making a single payment or series of payments for any goods or services. For instance, if you are planning to buy a high-value item like jewelry, it is essential to ensure that the cash payment does not exceed the specified limit. Violating this norm can attract penalties, including a fine equivalent to the amount of the transaction. Furthermore, this measure encourages transparency and accountability in financial dealings, contributing to a more formalized economy.