Section 269T

Cash Transactions in Agriculture Sector- Income Tax Provisions

Income Tax - In India, a large population is engaged in the agriculture sector and there are numerous transactions regarding sale and purchase of agriculture produce. The farmers sell their agriculture produce to Pacca Arahtia i.e. traders through kuchha Arahtias. Kuchha Arahtias are commission agents and are only fascilators of auctions/sales of agri...

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Restrictions on Cash Loans, Deposits & Advances under Income Tax

Income Tax - ANALYSIS OF SEC 269SS No person shall accept, from any other person, loan, deposit or any specified sum otherwise than by A/c payee cheque, bank draft or use of ECS through a bank account or through such other electronic mode as may be prescribed, if:...

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Cash transactions limit under GST & Income Tax

Income Tax - Hello readers, Today I will discuss very confusing and important topic cash transactions limit under GST/INCOME TAX ACT – Under GST– Presently, there is no provision restricting cash transactions under GST.  Under Income Tax – Section 269ST of Income Tax was introduced in 2017. It states that no person/individual must receive a...

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Brief Provision regarding Cash Transaction under Income Tax

Income Tax - After the demonetization of currency, the government was aiming to regularize the cash transaction and therefore they have come with various provisions to discourage such transactions. Following are various provision brought to Income tax law 1961 and other laws in simple language – 1. SECTION 40A(3) – Payment or aggregate of paym...

Read More

Say No To Cash- Cashless under Income Tax Act, 1961

Income Tax - The step of demonetization that was taken in November, 2016 was a move by the government to curb the black money circulating in the economy. Post demonetization, a large push can be felt towards the cashless economy in order to promote the transparency. Various provisions have been introduced under Income Tax Act, 1961 to ensure […...

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SIT report: Restrict Cash Transaction/Holding to curb black money

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/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a ban...

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No section 269SS & 269T if reasonable cause for accepting/repaying loan in cash

Sunil M. Bhide Vs Addl. CIT (ITAT Pune) - Sunil M. Bhide Vs Addl. CIT (ITAT Pune) It is seen from the penalty order that the assessee pleaded before the AO that he started construction of a commercial building on his plot. The construction work was halted because of paucity of funds. The said plot of land along with part construction was le...

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Section 269SS & 269T not applicable to Cash Payment/receipt for purchase of land

Rajesh Vitthal Badade Vs JCIT (ITAT Pune) - Rajesh Vitthal Badade Vs JCIT (ITAT Pune) It is found as an admitted position that the AO recorded statement of Mr. Sampat G. Mandhare and Mrs. Dropadabai Fakirrao Harpale, who had given sum of Rs. 5.00 lakh and Rs.7.00 lakh respectively to the assessee as advance for purchase of the land. Here it i...

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Cash Transactions between Trust & Managing Trustee not attracts Section 269SS

Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) - Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) In the present case, the assessee is a registered society u/s. 12AA of the Act and its income is exempt u/s. 11 of the Act. The assessee in the stage of establishment of educational institution has undertaken the construction acti...

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ITAT deletes Section 271E penalty as assessee is deceased & authenticity of transaction cannot be vouched

Mohit Singh L/H of Late Shri Balwant Singh Vs JCIT (ITAT Delhi) - Mohit Singh L/H of Late Shri Balwant Singh Vs JCIT (ITAT Delhi) As pointed out on behalf of the assessee, an assessment under Section 143(3) r.w. Section 147 was completed in the instant case, wherein the Assessing Officer has not observed any repayment of loan in cash as alleged in the penalty orde...

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No Section 271D/271E penalty merely for Squaring off loan transaction by Journal entries

DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai) - DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai) The ld. CIT(A) gave a categorical finding that the transactions carried out with the aforesaid three parties i.e. Jawala Real Estate Pvt. Ltd., Shreeniwas Cotton Mills Limited & Lodha Develope...

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CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Notification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...

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CBDT relaxes PAN requirement for Section 269T reporting in 3CD

Notification No. 60/2017-Income Tax [G.S.R. 841(E)] - (06/07/2017) - G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published vide number G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Sectio...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax [G.S.R. 821(E)] - (03/07/2017) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previ...

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Section 269SS and 269T applicable to NBFC: RBI

RBI/2016-17/245 DNBR (PD) CC.No.086/03.10.001/2016-17 - (09/03/2017) - Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand....

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Section 269T’s Popular Posts

Recent Posts in "Section 269T"

No section 269SS & 269T if reasonable cause for accepting/repaying loan in cash

Sunil M. Bhide Vs Addl. CIT (ITAT Pune)

Sunil M. Bhide Vs Addl. CIT (ITAT Pune) It is seen from the penalty order that the assessee pleaded before the AO that he started construction of a commercial building on his plot. The construction work was halted because of paucity of funds. The said plot of land along with part construction was leased out […]...

Read More

Section 269SS & 269T not applicable to Cash Payment/receipt for purchase of land

Rajesh Vitthal Badade Vs JCIT (ITAT Pune)

Rajesh Vitthal Badade Vs JCIT (ITAT Pune) It is found as an admitted position that the AO recorded statement of Mr. Sampat G. Mandhare and Mrs. Dropadabai Fakirrao Harpale, who had given sum of Rs. 5.00 lakh and Rs.7.00 lakh respectively to the assessee as advance for purchase of the land. Here it is relevant […]...

Read More

Cash Transactions in Agriculture Sector- Income Tax Provisions

In India, a large population is engaged in the agriculture sector and there are numerous transactions regarding sale and purchase of agriculture produce. The farmers sell their agriculture produce to Pacca Arahtia i.e. traders through kuchha Arahtias. Kuchha Arahtias are commission agents and are only fascilators of auctions/sales of agri...

Read More
Posted Under: Income Tax | ,

Restrictions on Cash Loans, Deposits & Advances under Income Tax

ANALYSIS OF SEC 269SS No person shall accept, from any other person, loan, deposit or any specified sum otherwise than by A/c payee cheque, bank draft or use of ECS through a bank account or through such other electronic mode as may be prescribed, if:...

Read More
Posted Under: Income Tax | ,

Cash Transactions between Trust & Managing Trustee not attracts Section 269SS

Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore)

Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) In the present case, the assessee is a registered society u/s. 12AA of the Act and its income is exempt u/s. 11 of the Act. The assessee in the stage of establishment of educational institution has undertaken the construction activity of building for the purpose [&helli...

Read More

ITAT deletes Section 271E penalty as assessee is deceased & authenticity of transaction cannot be vouched

Mohit Singh L/H of Late Shri Balwant Singh Vs JCIT (ITAT Delhi)

Mohit Singh L/H of Late Shri Balwant Singh Vs JCIT (ITAT Delhi) As pointed out on behalf of the assessee, an assessment under Section 143(3) r.w. Section 147 was completed in the instant case, wherein the Assessing Officer has not observed any repayment of loan in cash as alleged in the penalty order. On perusal […]...

Read More

Cash transactions limit under GST & Income Tax

Hello readers, Today I will discuss very confusing and important topic cash transactions limit under GST/INCOME TAX ACT – Under GST– Presently, there is no provision restricting cash transactions under GST.  Under Income Tax – Section 269ST of Income Tax was introduced in 2017. It states that no person/individual must receive a...

Read More
Posted Under: Income Tax |

Brief Provision regarding Cash Transaction under Income Tax

After the demonetization of currency, the government was aiming to regularize the cash transaction and therefore they have come with various provisions to discourage such transactions. Following are various provision brought to Income tax law 1961 and other laws in simple language – 1. SECTION 40A(3) – Payment or aggregate of paym...

Read More
Posted Under: Income Tax |

Say No To Cash- Cashless under Income Tax Act, 1961

The step of demonetization that was taken in November, 2016 was a move by the government to curb the black money circulating in the economy. Post demonetization, a large push can be felt towards the cashless economy in order to promote the transparency. Various provisions have been introduced under Income Tax Act, 1961 to ensure […...

Read More
Posted Under: Income Tax |

No Section 271D/271E penalty merely for Squaring off loan transaction by Journal entries

DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai)

DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai) The ld. CIT(A) gave a categorical finding that the transactions carried out with the aforesaid three parties i.e. Jawala Real Estate Pvt. Ltd., Shreeniwas Cotton Mills Limited & Lodha Developers Private Limited, which are subject ma...

Read More

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