Income Tax : Article explains implications of digital transactions on income tax compliance, focusing on Section 269ST, Rule 6ABBA, Section 26...
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 : Discover why Section 40A(3) limits cash payments and promotes a cashless economy, including reduction of black money generation. P...
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 : SECTION 269SU: AN INTIATIVE TO BOOST DIGITAL TRANSACTION The Government of India has adopted several fiscal and non-fiscal mea...
Income Tax : The Chamber of Tax Consultants has made a represenation to Hon’ble Finance Minister and submitted that compliance with secti...
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 : Banks are, , advised to immediately refund the charges collected, if any, on or after 1st January 2020 on transactions carried o...
Income Tax : It is hereby clarified that the provisions of section 269SU of the Act shall not he applicable to a specified person having only B...
Income Tax : Rule 119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover o...
Income Tax : Finance Act has also inserted section 271DB in the Act, which provides for levy of penalty of five thousand rupees per day in case...
Income Tax : FTS- 1275045/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ********************...
A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]
E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue), Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on Cash Transactions of Rs. 2 Lacs or more, Mandating Acceptance […]
The applicability of the provisions of section 269SU to those business entities who do not receive payments from retail customers was always in question.
Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS & TCS Rates Pre & Post 14th May 2020, […]
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/ promote non-cash mode. We […]
Section 269SU has been introduced by the government under Income Tax Act with an intention to promote cashless economy and digital mode of accepting payment. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. This article is a detailed discussion on Section 269SU alongwith various practical […]
The Finance (No. 2) Act, 2019 introduced a new provision Section 269SU and subsequently notified Rule 119AA prescribing the modes of acceptance of payment. The government has prescribed certain modes of payment for any assessee whose total turnover or gross receipts from business exceed Rs 50 crore during the immediately preceding previous year. The introduction […]
Before providing details of relaxation specified in the circular of CBDT No. 12/2020 dated 20th May, 2020 We should discuss about the newely section 269SU which talks about payment acceptance through the electronic modes. As an initiative of the government to boost and promote the digital transaction and cashless economy, the Government of India has […]
CBDT issued Circular No. 12/2020 clarifying that provisions of Section 269SU shall not apply, if: a) Specified person having only B-2-B transaction (i.e. no transaction with Retail customer/consumer) b) At least 95% of aggregate of all amounts received during previous year is from mode other than cash.
It is hereby clarified that the provisions of section 269SU of the Act shall not he applicable to a specified person having only B2B transactions (i.e. no transaction with retail customer/consumer) if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by other than cash.
