From the Rs 2 lakh cap on cash receipts to restrictions on loans, property deals, business expenses and donations, here's a detailed guide to the cash transaction limits under the Income Tax Act, 2025.
Receiving a Form 16 with zero Tax Deducted at Source (TDS) does not automatically clear you from the obligation of filing an Income Tax Return (ITR). Tax experts point out that Form 16 only reflects the salary paid and tax withheld by a specific employer; it does not account for a taxpayer's complete financial profile, alternate income streams, or high-value transactions.
