The Income Tax Department today cautioned people against indulging in illegal cash transactions including donating more than Rs 2000 to political parties.
In a bid to clean up election funding, the government early this year had notified 'electoral bonds' that can be bought from specified branches of the SBI and used to donate money to political parties.
According to the scheme, no person should make a cash donation of over Rs 2000 to a political party.
IT Department also added that one should not pay more than Rs 10,000 in cash relating to expenditure of business or profession.
The taxman asked 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".
"Go cashless. Go clean," the advertisement underlined.
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