Income Tax - Discover why Section 40A(3) limits cash payments and promotes a cashless economy, including reduction of black money generation. Prohibited transaction in cash/limit on cash transactions....
Income Tax - Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax deductions under Section 80G in India....
Income Tax - Discover the legal constraints around cash transactions under India's Income Tax Act. Learn about the various sections that impose limits and penalties on cash dealings....
Income Tax - Explore intricacies of Sections 269SS, 269T, and 269ST of Income Tax Act, 1961. Learn how these sections aim to curb cash transactions and tax evasion....
Income Tax - Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights about how much you are allowed to transact in cash....
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 relating to one event or occasion. √ Receive or repay Rs. 20,000 or more in cash for transfer of Immovable Property. √ Pay more than Rs. 10,000 in cash relating to […]...
Income Tax - In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Act 2017 inserted section 269ST in the Act to provide that no person shall receive an amount of two lakh rupees or more...
Income Tax - The Finance Bill, 2017 proposed an insertion of Section 271J in the Income-tax Act, 1961. Considering the undue hardships to be caused to our members, the ICAI had made various representations to the Ministry of Finance, Revenue Secretary and CBDT...
Income Tax - 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....
Income Tax - In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Bill 2017 proposes to insert section 269ST in the Act to provide that no person shall receive an amount of three lakh rupees or more...
Jasmine Anand Vs ACIT (ITAT Delhi) - ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards une...
Shiv Shakti Enterprise Vs PCIT (ITAT Ahmedabad) - ITAT Ahmedabad held that provisions of Section 269ST of the Income Tax Act 1961 would apply to undisclosed income which was declared during the survey proceedings....
Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights about how much you are allowed to transact in cash....
Sanjaykumar Ramanbhai Patel Vs ITO (ITAT Surat) - ITAT Surat held that addition as unexplained investment in the hands of one of the co-owner unsustainable as department didn’t made proportionate addition in the hands of other co-owners....
Amrit Breeder Farms Pvt. Ltd. Vs ACIT (ITAT Kolkata) - Assessee demonstrated that cash deposit in its bank account by a party in the state of Assam is against its sales realisation and is duly accounted in its books of account and offered for taxation....
Circular No. 25/2022-Income Tax - (30/12/2022) - Cash receipt by ‘Co-op. Society’ from dealer across multiple days not to be aggregated for Sec. 269ST purpose: CBDT Reference was received by the CBDT as to whether receipt of cash by Co-operative Societies from a distributor for the sale of milk on a bank holiday or a day when the bank is close...
Notification No. 59/2021-Income Tax [S.O. 1839(E)] - (10/05/2021) - CBDT issues Corrigendum to Notification No. 56/2021-Income Tax Dated: 7th May, 2021 and stated that word ‘payee ‘to be read as payer. Notification No. 59/2021-Income Tax Dated: 10th May, 2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New ...
Notification No. 56/2021-Income Tax S.O. 1803(E) - (07/05/2021) - Hospitals / medical facilities providing #COVID19 treatment to patients can now receive cash payments even higher than ₹ 2 lakh. Limit in section 269ST of IT Act relaxed, from 01.04.2021 to 31.05.2021. PAN - AADHAAR needed....
Notification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - 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 ̵...
Circular No. 27/2017-Income Tax - (03/11/2017) - Representations have been received from the stakeholders regarding applicability of income-tax provision to cash sale of agricultural produce by cultivators/agriculturists to traders....
Jasmine Anand Vs ACIT (ITAT Delhi) -
Shiv Shakti Enterprise Vs PCIT (ITAT Ahmedabad) -
Sanjaykumar Ramanbhai Patel Vs ITO (ITAT Surat) -
Amrit Breeder Farms Pvt. Ltd. Vs ACIT (ITAT Kolkata) -