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 : Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, an...
Income Tax : Discover why Section 40A(3) limits cash payments and promotes a cashless economy, including reduction of black money generation. P...
Income Tax : Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax d...
Income Tax : Discover the legal constraints around cash transactions under India's Income Tax Act. Learn about the various sections that impose...
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 : ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on v...
Income Tax : ITAT Ahmedabad held that provisions of Section 269ST of the Income Tax Act 1961 would apply to undisclosed income which was declar...
Income Tax : Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights...
Income Tax : ITAT Surat held that addition as unexplained investment in the hands of one of the co-owner unsustainable as department didn’t m...
Income Tax : Assessee demonstrated that cash deposit in its bank account by a party in the state of Assam is against its sales realisation and...
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...
Section 269ST was introduced through Finance Act 2017. The main purpose to bring this section was to curb the unaccounted money circulating in the country. To achieve the mission of the Government to move towards a less cash economy, to reduce the generation and circulation of black money, this section came into legislation. The Section […]
Arjuna (Fictional Character): Krishna, the CBDT has brought a notification on 7.5.2021 related to section 269ST of the Income Tax Act for providing relief to covid patients. Please explain section 269ST. Krishna, (Fictional Character): Arjuna, Section 269ST provides that no person shall receive an amount of Rs. 2.00 Lakhs or more otherwise than by an […]
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 Delhi, the 10th May, 2021 NOTIFICATION NO. 59/2021 (INCOME-TAX) S.O. 1839(E).—In the […]
Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notification No. 56/2021-Income Tax Dated: 7th May, 2021 for a period of 2 months. Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST (as inserted by the […]
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.
Presently entire country is engulfed in the pandemic and citizens are running towards Hospitals to save lives of their near and dears. At this juncture, Govt. has to come forward for all fiscal and non-fiscal reliefs. Govt. may be considering to extend the various dates under the Direct and Indirect Tax. However the provisions of […]
A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provisions relating to cash transactions are broadly summarized […]
Example: Five separate invoices of Rs. 60,000 each were issued to a customer. The customer intends to make cash payment in installments of Rs. 10,000 each on daily basis. State the applicability of Sec 269ST and 40A(3)? As per sec 40A(3), if any payment is made by an assessee to a person in a day above Rs.10,000, other than […]
We were told by history that before advent of cash there was concept of barter system though barter system where there was no currency ‘no cash’ and things were exchanged according to needs and sooner society realized that barter system having its own series of advantages and disadvantages need to be left behind with time and later on various personalities, kings and governments introduced new coins and currency made from time to time making impressions of their choice on such coins.
Krishna, Today is 13th October last day for the promotion of Elections. In the chaos of election, crores of rupees were ceased. During this period Election Commission has laid many restrictions on cash transaction. But what are the provisions of cash transactions under Income Tax Act?
