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Demonetization is not the only step that government took to regularize cash transactions taking place in India. Apart from demonetization, some other steps were also taken by the government by adding certain provisions related to cash transactions under Income Tax of India, 1961 and in other laws too. This piece of writing focuses on certain provisions of Income Tax Act, 1961 which regulate and discourage cash transactions taking place.
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In case this provision is found to be violated, then an equivalent sum of money shall be levied as penalty under section 271E of the Income Tax Act.
From the above discussion it can be concluded that the government wants to discourage people from making cash transactions under income tax especially when the amount is big in number. A closer look of the above mentioned sections tells that government wants to be informed about any big transaction taking place. These measures inserted in the Income Tax and other laws are meant to coax the people to make less of unaccounted cash transactions and adopt formal accounted route where the government can keep a check on large size transactions taking place through it.
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