Income tax new rules: To keep a check on tax evasion, the income tax department has decided to keep an eye on cash transactions in hospitals, banquet halls, and businesses. According to income tax (IT) department, accepting Rs 20,000 or more in cash for a loan or deposit is prohibited, and such transactions must be done through banking channels only. Income tax new rules on hospital and party halls payment.
IT Rules prohibits people from receiving an amount of Rs 2 lakh or more in cash in aggregate from another person. Additionally, people also cannot file donations made in cash to a registered trust or political party as deductions, and doing so can get you in trouble. To enforce these rules, the IT department is monitoring cash transactions in some businesses, including hospitals and banquet halls, and as per a media report certain professionals are under department’s radar.
The IT department has limited reach in many cities. It has boosted the morale of tax evaders. They feel that they are out of the radar of the tax authorities. Officials said that from the current financial year, the department will have special emphasis on cash transactions. Cash transactions are still being used in many businesses. They are on the radar of Income Tax Department.
Many hospitals are not taking PAN from patients
Officials said that it has been seen in the hospital cases that there are many who are not taking PAN from the patients. Even though it is legally required. For this, the department is trying at every level. He is also planning to take action against the hospitals that violate the law.
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For this, the data available with the health service providers will be used. Those patients who have given large amounts of cash to avail healthcare facilities will be tracked. On the other hand, there is a side of hospitals that PAN cannot always be taken from the patients. These patients often come to the emergency section.
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