Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

CBDT issues Standard Operating Procedures to verify taxpayers’ cash transactions

SECTION 143 OF THE INCOME-TAX ACT, 1961 - ASSESSMENT - GENERAL - STANDARD OPERATING PROCEDURE (SOP) TO BE FOLLOWED BY ASSESSING OFFICERS IN VERIFICATION OF CASH TRANSACTIONS RELATING TO DEMONETISATION
INSTRUCTION NO.3/2017 [F.NO.225/100/2017/ITA-II], DATED 21-2-2017

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