New Delhi, Dec 18 (KNN) To check people from indulging in illegal transactions, the Income Tax Department has issued some warnings for the public interest involving cash transactions.

The tax department in an advertisement issued in leading dailies, said “A person should not “donate in excess of Rs 2,000 in cash to a registered trust/political party.”

Accepting Rs 2 lakh or more in aggregate from a single person in a day for one or more transactions relating to one event or occasion is prohibited, said the department.

In addition, receiving or repaying Rs 20,000 or more in cash for transfer of immovable property and paying more than Rs 10,000 in cash relating to expenditure of business or profession is also prohibited.

Besides, the department said “The payment made in cash on account of premium on health insurance facilities is not allowable as deduction under section 80D of the I.T. Act.”

Promoting cashless transaction under the banner “Go cashless. Go clean”, the department asked the public to say “no to cash transactions” of all these kinds.

It added that contravention of these threshold cash limits “may result in levy of tax/penalty”.

The department has also urged the public to inform about such violations or any instance of black money or benami assets transaction to the jurisdictional Principal Commissioner of the department or over the email blackmoneyinfo@incometax.gov.in