New Delhi, Jan. 1 -- The government's fact-checking agency, the Press Information Bureau PIB Fact Check unit, on January 1 refuted a claim circulating on social media that an "85% tax has been imposed on transactions exceeding Rs.10 lakh." The PIB Fact Check unit debunked the claim, stating that income tax is "levied only on income, not on transactions."

It further clarified that there is no provision in the Income Tax Act for imposing any kind of tax on bank transactions exceeding Rs.10 lakh.

A clip shared by the Instagram account 'Manjju Choudhary' claims that once a bank transaction exceeds Rs.10 lakh, the government demands 85% tax. The video further alleges that the government does not consider whether the money is "black, yellow, ...