Income Tax : The provisions regulate acceptance, payment, and receipt of cash beyond specified limits. They impose strict penalties to discoura...
Income Tax : Covers the latest cash withdrawal, deposit, and loan limits. Takeaway: exceeding thresholds can trigger TDS, penalties, and blocke...
Income Tax : Explains when director cash infusions qualify as current account transactions and why genuine business support may fall outside Se...
Income Tax : The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 26...
Income Tax : Summary of income-tax rules on cash limits, including disallowance of cash expenditure, restrictions on loans, deposits, receipts,...
Income Tax : DON’T √ Accept cash of Rs. 2,00,000 or more in aggregate from a single person in a day or for one or more transactions r...
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/...
Corporate Law : High Court upheld conviction under Section 138 NI Act, holding that contradictory defence evidence failed to rebut statutory presu...
Income Tax : ITAT Delhi quashed a ₹65 lakh penalty under Section 271D after finding that no assessment was made for the relevant year and no ...
Income Tax : ITAT Delhi held that the PCIT exceeded jurisdiction by introducing issues not mentioned in the Section 263 show-cause notice. The ...
Income Tax : ITAT Delhi deleted penalties imposed for alleged cash transactions after holding that the electronic evidence relied upon by the R...
Income Tax : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the followin...
Fema / RBI : Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time,...
Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ‘account payee bank draft or use of electronic clearing system through […]
Section 269ST was introduced by Finance Act, 2017. The intention of the government is to ban all transactions in cash above Rs. 2 lacs from 01.04.2017. Therefore now any person who enters into a transaction above Rs. 2 lacs in cash, will be liable to a penalty of an amount equivalent to the amount of transaction.
As per Section 269ST transactions in the nature referred to in Section 269SS are exempted from the ambit of Section 269ST. 269 SS refers to the transactions of receiving Deposits and Loans from others. Therefore, 269 ST is not applicable to the receipt of deposits and loans.
The issue under consideration is whether the issue of penalty notice u/s 271D is justified under the Act? Penalty u/s 271D shall not be levied in the case of near relatives
As we all are aware of Section 269ST which was introduced by finance act, 2017 in Income tax act, 1961 by the central government in order to curb the tax evasion, regulation and circulation of Black money. This article will cover the detailed analysis of the said section alongwith some practical examples. 1. Basic Understanding […]
Section 269SS: Prohibition on Taking and Accepting Loan/Deposits etc.- No person shall take or accept from any other person, any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account [or through such other electronic mode as may be prescribed].
Assessee could not establish any ‘reasonable cause’ with respect of acceptance of the deposits in cash, exceeding the permissible limit, imposition of the penalty was re-affirmed.
CIT Vs Shri. T. Perumal (Madras High Court) Here is a case where the loan taken from friends and repayment of the same in cash. The reason that taking of loan is found to be genuine and the same is for business exigency, it is not a case of undisclosed income. If the assessee had […]
Sections 269SS and 269T have been discussed in this article and this deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. False cash transactions give birth to unaccounted money which in turn […]
SOME INTERESTING ASPECTS OF PENALTY U/S 271D r.w.s 269SS OF THE INCOME-TAX ACT, 1961 Penalty under section 271D the Income-tax Act, 1961 is imposed upon contraventions of provisions of section 269SS of the Act. In this article, an attempt has been made to touch upon certain aspects not usually discussed but at the same time […]
