Income Tax : This clarifies how cash receipts are tested on daily, transaction, and occasion-based thresholds. It explains why breaking payment...
Income Tax : SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all fa...
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 : Indian tax law restricts cash transactions to promote digital payments. Limits apply to expense payments (Sec 40A(3): ₹10k/day),...
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 : The issue was whether multiple medical bills constituted a single transaction under Section 269ST. The Tribunal held that separate...
Income Tax : The Tribunal held that Section 269SS does not apply when cash is received as part of final sale consideration at the time of prope...
Income Tax : The Court issued notice in a plea to quash criminal proceedings where the applicant argued that alleged cash payments exceeding ...
Income Tax : The High Court held that courts must intimate the Income Tax Department when suits involve cash transactions exceeding Rs.2 lakh. ...
Income Tax : The Tribunal held that section 269SS targets cash advances in property transactions. Cash received at the time of registration was...
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...
The issue was whether multiple medical bills constituted a single transaction under Section 269ST. The Tribunal held that separately billed services are independent transactions, so penalty was not justified.
The Tribunal held that Section 269SS does not apply when cash is received as part of final sale consideration at the time of property registration. Since no advance was involved, penalty under Section 271D was deleted.
The Court issued notice in a plea to quash criminal proceedings where the applicant argued that alleged cash payments exceeding ₹2 lakh should first be examined under Section 269ST of the Income Tax Act.
The High Court held that courts must intimate the Income Tax Department when suits involve cash transactions exceeding Rs.2 lakh. However, it ruled that a plaintiff cannot be compelled to disclose his PAN number to defendants.
This clarifies how cash receipts are tested on daily, transaction, and occasion-based thresholds. It explains why breaking payments into parts does not avoid penalty exposure.
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
The Tribunal held that section 269SS targets cash advances in property transactions. Cash received at the time of registration was found to be outside its scope.
The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 269ST violation. The ruling confirms that satisfaction by the Assessing Officer is a mandatory precondition.
ITAT Delhi ruled that penalties under section 271DA cannot be levied without the AO recording satisfaction in the assessment order, following Supreme Court precedent.
Summary of income-tax rules on cash limits, including disallowance of cash expenditure, restrictions on loans, deposits, receipts, repayment rules, electronic payment requirements, and penalties for non-compliance under Sections 40A(3), 269SS, 269ST, 269SU and 269T.
