Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS,...
Income Tax : ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implicatio...
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 : It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/...
Income Tax : ITAT Hyderabad held that the Tribunal has no power to recall/review its own orders in terms of scope and power of Tribunal for rec...
Income Tax : Bombay HC upholds ITAT ruling on non-imposition of penalty under Section 271D for journal entries, citing reasonable cause under S...
Income Tax : ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic...
Income Tax : ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act in consolidated manner is unjustified as AO...
Income Tax : ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
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 : G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Dire...
Income Tax : In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the followin...
Fema / RBI : Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time,...
ITAT Hyderabad held that the Tribunal has no power to recall/review its own orders in terms of scope and power of Tribunal for rectification of order u/s. 254(2) of the Income Tax Act.
Bombay HC upholds ITAT ruling on non-imposition of penalty under Section 271D for journal entries, citing reasonable cause under Section 273B. Appeals dismissed.
In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates, Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical Reimbursement etc. […]
ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic evidence that provisions of section 269SS and 269T are violated is unsustainable.
Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements in Form 3CD for tax audits.
ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act in consolidated manner is unjustified as AO has to point out each entry where such acceptance or repayment is Rs. 20,000/- or more.
Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS, 269ST, and 269SU.
ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for accepting the cash on account of sale of immovable property.
ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without interest are not penalized as deposits.
Read the detailed analysis of ITAT Chennai’s decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd. in the case of cash loans from directors.
