Section 269ST

Taxation of Cash Transactions under Income Tax Act, 1961

Income Tax - Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise...

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Treatment of Cash Transaction & Cash Expenses Limit in Income Tax

Income Tax - अर्जुन: हे माधव, प्रणाम! मेरी एक समस्या का निवारण कीजिए। कृष्ण: कहिए अर्जुन! बताइए क्या समस्या हैं? अर्जुन: माधव, मुझे यह बताए कि GST का...

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Receipt or Payment In Cash (Cash Transactions) under Income Tax Act

Income Tax - As we all know about the section 269ST, which was introduced by the Central Government in the Income Tax Act, 1961 by the Finance Act, 2017, to curb tax evasion, regulation and circulation of black money. 1. Basic Understanding of Section 269ST As per section 269ST, any person who enters into a transaction of Rs […]...

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Restrictions on Cash Transactions under Income Tax Act, 1961

Income Tax - In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA ...

Read More

Analytical Study of Section 269ST of Income Tax Act, 1961

Income Tax - Sec 269ST of The Income Tax Act, 1961 states that No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise […]...

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Clean Transactions, Cleaner Economy, Go Cashless, Go Clean

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 […]...

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Section 269ST Restriction on cash transactions– Certain concerns

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...

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ICAI President’s Message – May 2017 on GST, Tax Changes etc.

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...

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Cash withdrawals from bank do not attract Section 269ST Penalty

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....

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Section 269ST- Restriction on cash transactions -Certain concerns to be addressed

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...

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No Section 271D Penalty for cash received from commission agent against sale of crops

Hardeep. Singh Vs JCIT (ITAT Chandigarh) - Transactions between the assessee and the Commission Agent were relating to the sale of agriculture crops, therefore, there was no receipt or repayment of loan or deposit, accordingly penalty levied by the A.O. and sustained by the Ld. CIT(A) under section 271 E of the Act is also deleted....

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CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

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 ̵...

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Clarification on Cash sale of agricultural produce by cultivators/agriculturist

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....

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Clarifications in respect of section 269ST of Income-tax Act, 1961

Circular No. 22 of 2017-Income Tax - (03/07/2017) - Circular No. 22 of 2017 F.No.370142/10/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) (TPL Division) *** Dated 03rd July, 2017 Clarifications in respect of section 269ST of the Income-tax Act, 1961 With a view to promote digital economy and cre...

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Transaction on which provision of section 269ST shall not apply

Notification No. 57/2017-Income Tax [S.O. 2065(E)] - (03/07/2017) - Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely: (a) receipt by a business correspondent on behalf of a banking company or co-operative bank, in accordance with the guidelines issued by the Reserve Bank of India;...

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Section 269ST not applies to receipt from bank or post office

Notification No. 28/2017-Income Tax [S.O. 1057(E))] - (05/04/2017) - CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank....

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Recent Posts in "Section 269ST"

No Section 271D Penalty for cash received from commission agent against sale of crops

Hardeep. Singh Vs JCIT (ITAT Chandigarh)

Transactions between the assessee and the Commission Agent were relating to the sale of agriculture crops, therefore, there was no receipt or repayment of loan or deposit, accordingly penalty levied by the A.O. and sustained by the Ld. CIT(A) under section 271 E of the Act is also deleted....

Read More

Taxation of Cash Transactions under Income Tax Act, 1961

Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise...

Read More
Posted Under: Income Tax |

Treatment of Cash Transaction & Cash Expenses Limit in Income Tax

अर्जुन: हे माधव, प्रणाम! मेरी एक समस्या का निवारण कीजिए। कृष्ण: कहिए अर्जुन! बताइए क्या समस्या हैं? अर्जुन: माधव, मुझे यह बताए कि GST का...

Read More
Posted Under: Income Tax |

Receipt or Payment In Cash (Cash Transactions) under Income Tax Act

As we all know about the section 269ST, which was introduced by the Central Government in the Income Tax Act, 1961 by the Finance Act, 2017, to curb tax evasion, regulation and circulation of black money. 1. Basic Understanding of Section 269ST As per section 269ST, any person who enters into a transaction of Rs […]...

Read More
Posted Under: Income Tax |

Restrictions on Cash Transactions under Income Tax Act, 1961

In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA ...

Read More
Posted Under: Income Tax |

Analytical Study of Section 269ST of Income Tax Act, 1961

Sec 269ST of The Income Tax Act, 1961 states that No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise […]...

Read More
Posted Under: Income Tax |

Cash Sale Limit under GST / Income Tax Act

CGST Act 2017 has no provision restricting cash transactions, but In order to, curb black money ,the government has imposed various restrictions on cash receipts /payments and cash withdrawal  from time to time through Income Tax Act 1961. The Government has amended clause 84 of Section 194N vide Finance Act 2020 . Accordingly TDS @ [&he...

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Posted Under: Income Tax |

Cash Transaction Limit – When to Say No

Gradually, the Indian Economy is getting digitalized and ultimately moving towards a cashless economy. Electronic transactions ensure a clear money trail and make it very difficult for tax evaders. In a bid to curb black money as well as limit the number of cash transactions, the Government from time to time has introduced many new [&hell...

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Posted Under: Income Tax |

Cash Transaction – Limit & Consequences of Non-Compliance under Income Tax Act

Cash transaction leaves no trail of the payer that causes tax evasion & black money. It affects the Indian economy by dual aspect one is revenue deficit to government and another one is unaccounted money that cannot flow in the economy.  Both of these problems terribly effects the development of a country. That’s why government [&h...

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Posted Under: Income Tax |

Section 269ST of Income Tax Act, 1961

Introduction:-Section 269ST of Income Tax Act, 1961 restricts the cash transaction. It was introduced to do cashless transaction for avoid evasion of Taxation. Lets we discuss about the Section in Details. Sec 269ST prescribes that no person shall receive amount of two lakh or more– 1. In aggregate from a person in a single day;or [...

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Posted Under: Income Tax |

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