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 : 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 : Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights...
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 ********************...
One more step has been taken by the government towards digital and cash less economy by inserted a new provision namely section 269SU in Income Tax Act, 1961 which provides that every person having turnover, sales or gross receipts, as the case may be, in business exceeds 50 crore rupees (specified person) during immediately preceding […]
This is the world of digitalization, with accessible internet, tech savvy citizens, and keeping in mind the perks of it, administrative departments in the country are on a pathway of digitalization. Physically operated administration practices are continuously being upgraded to computerized version to improve efficiency and resource utilization. Taxpayers are also on the same hand […]
आयकर कानून के तहत एक धारा 269SU बजट के दौरान लाई गई थी आइये सबसे पहले समझें कि क्या है यह धारा 269SU, यह धारा कब लाई गई थी और कब से यह लागू हुई है, किन व्यक्तियों पर लागू होगी और इसके अतिरिक्त इस धारा के प्रावधानों का पालन नहीं करने पर क्या पेनाल्टी लगेगी.
Please read carefully provisions of Section 269SU which related to Acceptance of payment through prescribed electronic modes, otherwise Rs. 5000/- per day penalty under Section 271DB shall be imposed on Every person, carrying on business his total sales, turnover or gross receipts, as the case may be, in business exceeds Rs.50 (fifty) crore rupees during the immediately […]
Inserted by Finance Act 2019: 269SU. Every person, carrying on business, if his total sales, turnover or gross receipts, in business exceeds fifty Crore rupees during the immediately preceding previous year shall provide facility for accepting payment through prescribed electronic modes, in addition to the facility for other electronic modes, of payment, if any, being provided […]
Specified persons are required to install and operationalise facilities for digital payment on or before January 31, 2020, However, if the specified person fails to do so, he shall be liable to pay a penalty of ₹ 5,000 per day during which such failure continues from February 01, 2020, under section 271DB of the Income Tax Act for such failure.
Rule 119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes
Finance Act has also inserted section 271DB in the Act, which provides for levy of penalty of five thousand rupees per day in case of failure by the specified person to comply with the provisions of section 269SU.
FTS- 1275045/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **************************** New Delhi, dated 18th October 2019 NOTICE Prescribing of certain electronic modes of payment under Section 269SU of the Income-tax Act, 1961-Invitation for application In furtherance to the declared policy objective of the Government to encourage digital economy […]
THE FINANCE (NO. 2) ACT, 2019 – NO. 23 OF 2019 received the assent of the President on the 1st August, 2019, and is hereby published for general information:—
