Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS,...
Income Tax : Article explains implications of digital transactions on income tax compliance, focusing on Section 269ST, Rule 6ABBA, Section 26...
Income Tax : Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legi...
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 : In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of blac...
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...
Income Tax : It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from ...
Income Tax : In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of blac...
Income Tax : Delhi HC rejects Ateesh Agarwal’s plea for an IT probe into his wife’s family over alleged dowry payments, citing lack of lega...
Income Tax : Delhi High Court sets aside ₹14.63 crore penalty on Property Plus Realtors, ruling the order was issued beyond the statutory lim...
Income Tax : ITAT Bangalore held that penalty under section 271D of the Income Tax Act not imposable for acceptance of cash on transfer of agri...
Income Tax : ITAT Ahmedabad held that revisionary jurisdiction under section 263 of the Income Tax Act cannot be invoked as AO exercised a plau...
Income Tax : Income Tax Settlement Commission (ITSC) had authority to make additions to the declared income of taxpayers as ITSC's role was not...
Income Tax : Cash receipt by ‘Co-op. Society’ from dealer across multiple days not to be aggregated for Sec. 269ST purpose: CBDT Reference ...
Income Tax : CBDT issues Corrigendum to Notification No. 56/2021-Income Tax Dated: 7th May, 2021 and stated that word ‘payee ‘to ...
Income Tax : Hospitals / medical facilities providing #COVID19 treatment to patients can now receive cash payments even higher than ₹ 2 lakh....
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 : Representations have been received from the stakeholders regarding applicability of income-tax provision to cash sale of agricultu...
Delhi HC rejects Ateesh Agarwal’s plea for an IT probe into his wife’s family over alleged dowry payments, citing lack of legal basis and jurisdiction under Article 226.
Delhi High Court sets aside ₹14.63 crore penalty on Property Plus Realtors, ruling the order was issued beyond the statutory limitation period under Section 275(1)(c).
ITAT Bangalore held that penalty under section 271D of the Income Tax Act not imposable for acceptance of cash on transfer of agricultural land as non-compliance with section 269SS of the Income Tax Act was due to bonafide belief.
ITAT Ahmedabad held that revisionary jurisdiction under section 263 of the Income Tax Act cannot be invoked as AO exercised a plausible and legally valid view and revisionary jurisdiction cannot be invoked merely because PCIT holds a different view.
In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates, Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical Reimbursement etc. […]
Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements in Form 3CD for tax audits.
Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS, 269ST, and 269SU.
Income Tax Settlement Commission (ITSC) had authority to make additions to the declared income of taxpayers as ITSC’s role was not confined to regular assessments but extended to holistic evaluations of the disclosures and additional income brought to its notice through settlement proceedings.
Article explains implications of digital transactions on income tax compliance, focusing on Section 269ST, Rule 6ABBA, Section 269SU, and Rule 119AA of Income Tax Act, 1961.
ITAT Delhi rules no penalty for All Fresh Supply Management Pvt. Ltd. under Section 271DA, acknowledging no intent to evade tax. Read the full judgment here.
