Budget 2017 featured

Income Tax Compliance / Information at A Glance

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

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Surgical strike on cash- accepting cash of Rs. 2 Lakh and more is an offence now- Section 269ST

In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various welfare programmes. Black money is generally transacted in cash and large amount of unaccounted wealth is store and used in form of cash....

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Finance Act 2017: Rules of doing Business with effect from 01/04/2017

There had been waves of changes since beginning of calendar year 2016 in Rules followed by Finance Act, 2016 and now further reinforced by the Finance Act, 2017. In fact, every business person is trying to adjust to the new law in Direct Taxes at the earliest, without loss of time, so as to be in GST-ready mode wef 01/07/2017, as per the ...

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Draft notification on Exemption on LTCG – A strike or spare?

The memorandum to Finance Bill, 2017, explained that the exemption on long-term capital gains tax, provided in section 10(38) of ITA was misutilised to declare unaccounted income . CBDT has issued a draft notification on 3 April , 2017 and provided that the amendment would not apply to any transactions except mentioned in the Notification...

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Beware of Income Tax provisions before entering into Cash Transactions

Government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash form close relatives above Rs. 2 lakhs come under the ambit of this section. At present there are also certain other provisions which have either a cap or a complete ban on cash transactions...

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Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or more

Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?...

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Section 269ST Basic Provisions as Per Income Tax Act

No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system...

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Cash withdrawals from bank do not attract Section 269ST Penalty

It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from a bank, co­operative bank or a post office savings bank....

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Section 269ST not applies to receipt from bank or post office

Notification No.28/2017-Income Tax (05/04/2017)

CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank....

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In-Depth Analysis of Section 269ST basic provisions as per Income Tax Act

PROVISION OF SECTION 269ST No person shall receive an amount of two lakh rupees or more (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of el...

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