Section 269T

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

Income Tax - I. Changes in Tax Audit Report – Form 3CD for AY 2017-18 relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reportin...

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Changes made in Form 3CD

Income Tax - As you may be kindly aware that the due date for filing the tax audit report in Form No 3CA/3CB/3CD is 30th September, 2017 for AY 2017-18. In this regard, we wish to inform the members that CBDT has made the following amendments in Form No. 3CD:...

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Cash Receipt!! Is it really a Receipt??

Income Tax - Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

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Acceptance / Repayment of Loan in Cash- Section 269SS/ 269T

Income Tax - The provision of 269SS and 269T has been enacted in order to prevent the increase in black money and to stop tax evasion. It ensures that the taxpayer does not give any false explanation for his unaccounted money. ...

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Consequences of Cash Transaction in Properties- Need to educate

Income Tax - In order to curb the black money by way of dealings in cash in immovable property transactions, sections 269 SS & T were amended (in the last budget itself) with effect from 01.06.2015 to the effect that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise in relation to transfer ...

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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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Penalty U/s. 271D for cash deposit with Reasonable cause from identifiable agriculturists not justified

Pr. CIT Vs Tehal Singh Khara & Sons (Punjab and Haryana High Court) - Punjab and Haryana High Court held in the case of Pr. CIT Vs Tehal Singh Khara & Sons that Penalty under section 271D of Income Tax Act, 1961 not justified for Contravention of section 269SS if assessee had given reasonable cause for entering into the cash transactions, as creditors from whom th...

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Time limit for issue of penalty proceeding on issues unrelated to income assessment

Principal Commissioner of Income Tax (Central)-2 Vs Mahesh Wood Products Pvt. Ltd. (Delhi High Court) - Penalty proceedings initiated U/s 275 on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date on which the AO wrote a letter to the ACIT recommending the issuance of the SCN....

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Limitation period U/s. 275(1)(c) not applies to penalty proceeding U/s. 271D & 271E

CIT Vs Hissaria Brothers (Supreme Court of India) - Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it....

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Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) - ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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No Penalty on Return of loan by cash to sister concern under a bonafide belief

Global Realty Heritage Venture (Cochin) (P.) Ltd., Vs Addl. CIT (ITAT Delhi) - Global Realty Heritage Venture (Cochin) (P.) Ltd., vs Addl. CIT (ITAT Delhi) In the absence of any such evidence the plea of bonafide belief in the peculiar circumstances cannot be discarded. It is seen that the assessee has consistently canvassed that there was a bonafide belief that the amount tak...

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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

DNBR (PD) CC.No.086/03.10.001/2016-17-RBI - (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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Recent Posts in "Section 269T"

Penalty U/s. 271D for cash deposit with Reasonable cause from identifiable agriculturists not justified

Pr. CIT Vs Tehal Singh Khara & Sons (Punjab and Haryana High Court)

Punjab and Haryana High Court held in the case of Pr. CIT Vs Tehal Singh Khara & Sons that Penalty under section 271D of Income Tax Act, 1961 not justified for Contravention of section 269SS if assessee had given reasonable cause for entering into the cash transactions, as creditors from whom the cash was received […]...

Read More

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

I. Changes in Tax Audit Report – Form 3CD for AY 2017-18 relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reportin...

Read More
Posted Under: Income Tax |

Changes made in Form 3CD

As you may be kindly aware that the due date for filing the tax audit report in Form No 3CA/3CB/3CD is 30th September, 2017 for AY 2017-18. In this regard, we wish to inform the members that CBDT has made the following amendments in Form No. 3CD:...

Read More
Posted Under: Income Tax | ,

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, Section 3, Sub- section (i), at page 4...

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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 previous year :‑...

Read More

Time limit for issue of penalty proceeding on issues unrelated to income assessment

Principal Commissioner of Income Tax (Central)-2 Vs Mahesh Wood Products Pvt. Ltd. (Delhi High Court)

Penalty proceedings initiated U/s 275 on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date on which the AO wrote a letter to the ACIT recommending the issuance of the SCN....

Read More

Section 269SS and 269T applicable to NBFC: RBI

DNBR (PD) CC.No.086/03.10.001/2016-17-RBI (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....

Read More

Limitation period U/s. 275(1)(c) not applies to penalty proceeding U/s. 271D & 271E

CIT Vs Hissaria Brothers (Supreme Court of India)

Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it....

Read More

Cash Receipt!! Is it really a Receipt??

Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

Read More
Posted Under: Income Tax | ,

Acceptance / Repayment of Loan in Cash- Section 269SS/ 269T

The provision of 269SS and 269T has been enacted in order to prevent the increase in black money and to stop tax evasion. It ensures that the taxpayer does not give any false explanation for his unaccounted money. ...

Read More
Posted Under: Income Tax | ,
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