Income Tax : Govt. has come out with index table called Cost Inflation Index whose base year was fixed as 1-4-1981. In Finance Bill 2017 the Go...
Income Tax : Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri...
Income Tax : Article discusses Union Budget 2017 provisions related to ELECTORAL BOND. It discusses if the same is a legal weapon to curb and m...
Income Tax : Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not a...
Income Tax : Finance Act’2017 had made some major changes relating to Charitable and religious trusts. In this Article we have discussed five...
Income Tax : TAXGURU invites you to be a part of ‘BUDGET 2021 Knowledge Sharing Campaign‘. The campaign has been initiated with the...
Income Tax : The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31S...
Income Tax : Download Union Finance Budget 2018 as presented by Finance Minister Arun Jaitley today in Lok Sabha AS INTRODUCED IN LOK SABHA ON ...
CA, CS, CMA : The Finance Bill, 2017 proposed an insertion of Section 271J in the Income-tax Act, 1961. Considering the undue hardships to be ca...
Finance : Lok Sabha Speaker congratulates the Prime Minister, Union Finance Minister, Members of Union Cabinet, Members of Lok Sabha and Off...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : CBDT has issued Explanatory Notes to the Provisions of the Finance Act, 2017 vide Circular No. 02/2018 dated 15.02.2018 clarifying...
Income Tax : Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in ...
Corporate Law : Central Government hereby appoints the 26th day of May, 2017 as the date on which the provisions of the PART XIV of Chapter VI of ...
Goods and Services Tax : The Acts and Rules, which are amended, vide budget 2017-18 in Maharashtra are as follows: 1. The Maharashtra Purchase Tax on Sugar...
Income Tax : CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank....
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. Analysis of the Notification and possible implications are discussed.
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.
Lok Sabha Speaker congratulates the Prime Minister, Union Finance Minister, Members of Union Cabinet, Members of Lok Sabha and Officers and Staff of Lok Sabha Secretariat, Ministry of Finance & Parliamentary Affairs for completing all the Budget related processes before 1st April;
Section 269SST includes within its sweep all types of cash receipts from any person of whatever nature whether as donations or gifts or compensation, encashment of securities/instruments etc. A penalty equal to the amount of such receipt shall be imposed u/s 271D.
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.
Prior to Finance Bill 2017 in case of JDA arrangement capital gains is chargeable to tax in the year in which transfer takes place. H’ble Courts have ruled that granting possession vide execution of agreement is part performance of contract which confers developer with the right over the property & therefore tantamount to transfer u/s 2(47) of Act
CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank.
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 electronic clearing system through a bank account.
A new section 269ST has been introduced, no person (except banking company, Government, post office co-operative & other as may notify by Government) shall receive an amount of Rs. 2 lakh or more –
The Lok Sabha on Tuesday, 21 March 2107 has passed 40 Amendments to the Finance Bill 2017. These amendments were made mainly to make the law in sync with the proposed changes in Finance Bill 2017 as well as Finance Bill 2016.
