LatestAccounting And Audit 7 July 2026
Tax Limits Updated
New rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions, individuals cannot receive over Rs 2 lakh in cash for a single transaction, and there are 8 key income tax limits every taxpayer should know to avoid penalties, these rules are aimed at reducing black money and increasing transparency in financial transactions
New income tax rules are set to change the way individuals and businesses handle cash transactions. *Key limits* include:
- cash receipts over Rs 2 lakh are not allowed for a single transaction
- cash payments over Rs 10,000 are not allowed for a single day
- cash transactions with certain entities are restricted,
these rules are part of the Income Tax Act 2025 and are aimed at reducing tax evasion and increasing transparency in financial transactions.
Individuals and businesses must be aware of these limits to avoid penalties and ensure compliance with the new rules.
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