As the tax audit season inches closer, understanding the provisions related to cash transactions in the Income Tax Act is crucial for every assessee. With India moving towards a digital economy, the Act sets specific limits on cash transactions to foster transparency and prevent tax evasion. Here’s what you need to know and why a discussion with income tax consultants is vital before you proceed with any significant cash transactions.

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I wrote a BlogPost about a rational progressive IncomeTaxSystem for my group the Skeptics' Guide to Equestia. I figure that my followers might be interested, so I repost it:

It is almost TaxDay in the USA (YYYYY-04-15). I present a rational TaxSystem for IncomeTax:

TaxOwed = ( Income / TaxRate ) - ( Constant + Deductions )

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