section 269SS

All you need to know about various provisions in relation to Cash transactions under Income tax Act

Income Tax - The Government of India with an intention to evade black money and to discourage the cash transactions time and again taking various steps. Specially the Income tax Act is amended and provided with disallowances and stringent penal provisions for various types of cash transactions. Let us briefly understand some of such provisions here....

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Rs 2 Lakh Cash Transaction Limit w.e.f 01-Apr-2017 Details & Examples

Income Tax - In Budget 2017-18, a ban on cash transaction of more than Rs 3 lakh has been proposed. The same has been mentioned in the Finance Bill 2017. But, the Govt of India has made amendment in Finance bill and has reduced the Cash transaction limit to Rs 2 Lakh. This amendment has been passed through Finance […]...

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Changes in Tax Audit Report – Form 3CD (AY 2017-18)

Income Tax - I. Changes in Tax Audit Report – Form 3CD for AY 2017-18 relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reportin...

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Changes made in Form 3CD

Income Tax - As you may be kindly aware that the due date for filing the tax audit report in Form No 3CA/3CB/3CD is 30th September, 2017 for AY 2017-18. In this regard, we wish to inform the members that CBDT has made the following amendments in Form No. 3CD:...

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Cash Receipt!! Is it really a Receipt??

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 all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

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SIT report: Restrict Cash Transaction/Holding to curb black money

Income Tax - It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a ban...

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S. 269SS: Cash Transactions with Sister-in-Law & Nephew not amounts to Loan

Sri Jagmohan Sharma Vs. JCIT (ITAT Kolkata) - Sri Jagmohan Sharma Vs. JCIT (ITAT Kolkata) The transactions between these family members are neither loans nor deposit and purely a family system and purely a family requirement to help each other in the needy hours, for example medical help, education help and expenses to run the family. That is, ...

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Section 269SS not applies to Cash Transaction between Close Family Members for giving support & help

Sri Nikhil Banik Mazumder Vs. JCIT (ITAT Kolkata) - To support the family members, the money has been given by the assessee to his son/wife. This is simply a transfer of money from one family member to another family member to support day to day expenses, educational expenses and other family expenses...

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Penalty U/s. 271D cannot be imposed in absence of payment in cash

CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) - CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) Section 269SS does not include in its ambit where there is a transaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS...

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Penalty not justified for loan received in cash and immediately refunded

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) - The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) Briefly the facts of the case are that the A.O. in the assessment order noted that assessee was asked to explain source of the cash deposit in her bank account maintained with State Bank of India. The assessee attended the proceedings be...

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Section 271D Penalty applicable on Loan from Sister Concerns in Cash

CIT Vs. Sunil Sugar Co. (Allahabad High Court) - Assessee’s contention was that the entries were not in the nature of the loan or deposit on the face of it was not acceptable, as once any amount had been received by the assessee and the same was shown as received in its books of account, then it had partaken the nature of deposit and penal prov...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax / G.S.R. 821(E) - (03/07/2017) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previ...

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Section 269SS and 269T applicable to NBFC: RBI

DNBR (PD) CC.No.086/03.10.001/2016-17-RBI - (09/03/2017) - Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand....

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Recent Posts in "section 269SS"

All you need to know about various provisions in relation to Cash transactions under Income tax Act

The Government of India with an intention to evade black money and to discourage the cash transactions time and again taking various steps. Specially the Income tax Act is amended and provided with disallowances and stringent penal provisions for various types of cash transactions. Let us briefly understand some of such provisions here....

Read More
Posted Under: Income Tax |

S. 269SS: Cash Transactions with Sister-in-Law & Nephew not amounts to Loan

Sri Jagmohan Sharma Vs. JCIT (ITAT Kolkata)

Sri Jagmohan Sharma Vs. JCIT (ITAT Kolkata) The transactions between these family members are neither loans nor deposit and purely a family system and purely a family requirement to help each other in the needy hours, for example medical help, education help and expenses to run the family. That is, one member of the family […]...

Read More

Rs 2 Lakh Cash Transaction Limit w.e.f 01-Apr-2017 Details & Examples

In Budget 2017-18, a ban on cash transaction of more than Rs 3 lakh has been proposed. The same has been mentioned in the Finance Bill 2017. But, the Govt of India has made amendment in Finance bill and has reduced the Cash transaction limit to Rs 2 Lakh. This amendment has been passed through Finance […]...

Read More
Posted Under: Income Tax |

Section 269SS not applies to Cash Transaction between Close Family Members for giving support & help

Sri Nikhil Banik Mazumder Vs. JCIT (ITAT Kolkata)

To support the family members, the money has been given by the assessee to his son/wife. This is simply a transfer of money from one family member to another family member to support day to day expenses, educational expenses and other family expenses...

Read More

Penalty U/s. 271D cannot be imposed in absence of payment in cash

CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court)

CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) Section 269SS does not include in its ambit where there is a transaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS of […]...

Read More

Penalty not justified for loan received in cash and immediately refunded

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi)

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) Briefly the facts of the case are that the A.O. in the assessment order noted that assessee was asked to explain source of the cash deposit in her bank account maintained with State Bank of India. The assessee attended the proceedings before A.O. and filed […]...

Read More

Section 271D Penalty applicable on Loan from Sister Concerns in Cash

CIT Vs. Sunil Sugar Co. (Allahabad High Court)

Assessee’s contention was that the entries were not in the nature of the loan or deposit on the face of it was not acceptable, as once any amount had been received by the assessee and the same was shown as received in its books of account, then it had partaken the nature of deposit and penal provision of section 271D was attracted. ...

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Penalty U/s. 271D for cash deposit with Reasonable cause from identifiable agriculturists not justified

Pr. CIT Vs Tehal Singh Khara & Sons (Punjab and Haryana High Court)

Punjab and Haryana High Court held in the case of Pr. CIT Vs Tehal Singh Khara & Sons that Penalty under section 271D of Income Tax Act, 1961 not justified for Contravention of section 269SS if assessee had given reasonable cause for entering into the cash transactions, as creditors from whom the cash was received […]...

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Changes in Tax Audit Report – Form 3CD (AY 2017-18)

I. Changes in Tax Audit Report – Form 3CD for AY 2017-18 relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reportin...

Read More
Posted Under: Income Tax |

Changes made in Form 3CD

As you may be kindly aware that the due date for filing the tax audit report in Form No 3CA/3CB/3CD is 30th September, 2017 for AY 2017-18. In this regard, we wish to inform the members that CBDT has made the following amendments in Form No. 3CD:...

Read More
Posted Under: Income Tax | ,
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