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...
To put restriction on the cash transactions & promote digital economy, section 269ST was inserted in the Income-tax Act, 1961 vide Finance Act, 2017 w.e.f 1st April 2017. Article discusses Provisions of Section 269ST which Prohibits receipt of an amount of Rs. 2 lakh or more by a person, Section 271DA which provides penalties for […]
SECTION 269ST- Treatment of Cash Transactions above Rs. 2 Lakhs You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan installment is less than Rs 2 lakhs. The government in the last budget introduced Section 269ST. Under the section, cash transactions exceeding Rs.2 […]
As we all are aware of Section 269ST which 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. This article will cover the detailed analysis of the said section alongwith some practical examples. 1. Basic Understanding […]
Traditionally, Indian Economy had been an economy where cash has been the King in the settlement between various parties. This was mainly because organized banking had not spread throughout the length and breadth of the country. However, the nationalization of the banks in the year 1969, by the Central Government to some extent had increased […]
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.
