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 Tribunal held that consolidated Excel entries showing aggregate cash sales were insufficient to establish receipt of ₹2 lakh...
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 : 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...
There are various provisions in the Act which prohibit cash transactions and allow/encourage payment or receipt only through account payee cheque, account payee draft or electronic clearing system through a bank account. Section 13A of the Act requires a political party to receive donation exceeding rupees two thousand only through an account payee cheque or […]
In this article we will understand why section 269ST is introduced and what is the need of invoking such provisions, Section 269ST was introduced by finance act, 2017 in Income tax act, 1961 by the central government in order to curb the tax evasion, regulation and circulation of Black money. Most of the transactions in […]
In this article we will be discussing about the precautions to be take care while entering into a real estate transaction. Let us understand this article in the form of short story; There are two brothers namely Pushp kumar sahu and Uday kumar sahu who have entered into a transaction of immovable property worth 48 […]
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 […]
There are various provision inserted via Finances Act to put a limit on Cash Transaction for a check on Black Money and Tax Theft, below are the following provision applicable to Assesses (Liable for Audit u/s 44 AB of the Act) SECTION 269ST PROVISION OF SECTION 269ST: No person shall receive an amount of two lakh rupees or more— […]
Limit/Restriction on Cash transaction U/s 269ST of Income Tax Act.1961- Cash transactions in the economy mainly responsible to increase or promote the black money circulation in their respective fields/Areas. With an objective to control the black money circulation and promote the digital economy in the country the Government has introduced a section 269ST and 271DA w.e.f. 1st April, 2017.
Finance Act 2017, instead of amending section 273B, inserted a proviso to section 271DA itself to the effect that, no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention of section 269ST. However, what could constitute good and sufficient reasons for contravention have not been defined.
Whether the provisions of Section 269ST are also applicable on transactions between the firm and its partners? In this article an attempt has been made to discuss various aspects of this issue.
Article give Introduction of Section 269ST further article explains Ambiguity Relating To The Words ‘Event’ / ‘Occasion’ Used In Section 269ST, Requirements To Ensure Compliance With Clause (c) of Section 269/ST, Different Type Of Events / Occasions for Section 269ST, Separatebility / Inseparatibility Of Transactions and Some Suggested Practical Steps / Solutions For Tax Professionals / Auditors Etc.
Union Budget 2017-18: Restrictions Levied On Cash Receipts U/S. 269ST– How to Compute Limit of Less Than Rs. 3 Lakhs in Different Circumstances
