While presenting Union Budget 2017, finance minister Arun Jaitley government will make the necessary amendments to the income tax act to facilitate the cash transaction limit. Photo: HTNew Delhi: Finance minister Arun Jaitley on Wednesday proposed a cash transaction limit at Rs3 lakh, in line with the recommendations of the special investigative team (SIT) on black money. The government will make the necessary amendments to the income tax act to facilitate this, the finance minister said. ALSO READ | Budget 2017: Jaitley reduces income tax rates for individuals, companiesCurbing black money has been one of the major electoral promises of the National Democratic Alliance government. The Supreme-constituted SIT in its report last year had proposed banning cash transactions above Rs3 lakh and capped the cash holdings of individuals and companies at Rs 15 lakh.

Source: Mint February 01, 2017 07:49 UTC