All of us have basic needs to live and for this we do Purchases & expenses (whether for personal purpose or for business and profession purpose) either by cash or online mode, also we accept certain Loan, deposits etc.also from other in cash or online mode, While accepting cash from other or pay in cash we must aware about cash transactions allowed and not allowed by income tax department as per income tax act 1961 to avoid any tracking and penalty by income tax department.
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Cash Transactions not allowed? (Hidden Truth), Don't use cash
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