If transaction is done in cash then penalty of an amount equal to such cash transaction will be imposed on seller who accepts cash or refund of advance is made in cash by the seller of property.
This provision is similar to earlier provision putting an embargo on accepting and repaying loans in cash in excess of Rs. 20,000/-. 3. Transactions of purchase by consumer of fridge, TV, Car, jewellery can be made in cash or cheque but if more than Rs. 1 Lakh then PAN number of buyer will have to be quoted. (In case of jewellery if more than Rs. 5 Lakh and even a cash transaction of any amount therein, then TDS @1% will have to be made.) CBDT has not yet made any circular or rule regarding quoting of PAN for transaction of movable properties exceeding Rs. 1 Lakh.
4. W.e.f. 1-6-2015 in case of payment of transport freight at a single transaction of more than Rs. 30000/- or of more than Rs. 75000/- in a year then TDS will have to be deducted @ 1% and in case of recipient being firm or a company then TDS @ 2% will have to be made. If the recipient own 10 or less goods carriage then he can give a declaration to this effect then TDS will not be deducted even if payment exceeds the threshold of Rs.30000 / Rs.75000.