Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, ...
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 : 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 : Penalty under section 271DA could not be sustained merely on the basis of unverified seized data without independent corroborative...
Income Tax : The ITAT held that penalty under Section 271DA cannot be sustained where the Assessing Officer failed to record a clear and consci...
Income Tax : ITAT Delhi held that high sea sales could not be treated as non-genuine where customs approvals, sale agreements, and delivery rec...
Income Tax : ITAT Delhi deleted penalties imposed for alleged cash transactions after holding that the electronic evidence relied upon by the R...
Income Tax : The Tribunal held that consolidated Excel entries showing aggregate cash sales were insufficient to establish receipt of ₹2 lakh...
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...
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.
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.
Learn about Sec 269SS, 269ST & 269T of the Income Tax Act & how they affect businesses. Analysis of these sections & their importance for maintaining business success.
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.
Balaji Auto Enterprises Mysore Pvt. Ltd. Vs ACIT (ITAT Bangalore) ITAT observe from the order of the AO that the assessee has received cash more than 2.00/- Lakh from the four parties on different dates. As per the opinion of the AO the assessee has violated the provision of section 269ST, therefore, he imposed the […]
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 closed should […]
ITAT Bangalore held that assessee has paid money for the purpose of investment which is not disputed and therefore the provisions of Section 269ST of the Act is not applicable.
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
Understand the Income Tax provisions in India regarding cash transactions, including penalties and restrictions on accepting loans or deposits in cash.
