Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, ...
Income Tax : The provisions regulate acceptance, payment, and receipt of cash beyond specified limits. They impose strict penalties to discoura...
Income Tax : Covers the latest cash withdrawal, deposit, and loan limits. Takeaway: exceeding thresholds can trigger TDS, penalties, and blocke...
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 : The Tribunal held that penalty under Section 271D could not be levied because the Assessing Officer failed to record satisfaction ...
Income Tax : ITAT Rajkot held that cash transactions between close family members do not constitute loans or deposits under Sections 269SS and ...
Income Tax : The Tribunal ruled that Section 263 does not permit the PCIT to substitute his opinion for that of the Assessing Officer when two ...
Income Tax : ITAT Delhi held that the PCIT exceeded jurisdiction by introducing issues not mentioned in the Section 263 show-cause notice. The ...
Income Tax : The Telangana High Court set aside a penalty under Section 271D after finding that the assessment order contained no recorded sati...
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,...
Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- a) Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. b) Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. c) […]
Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269SS then a penalty equivalent to the amount of such loan or deposit may be levied by the Joint commissioner.
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 […]
No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000. This provision has come into force to counteract the evasion of tax by mode of acceptance of money in certain cases. The objective is to prevent transactions in currency thereby allowing account payee cheque and bank draft for allowable transactions.
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 […]
In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA of income […]
Gradually, the Indian Economy is getting digitalized and ultimately moving towards a cashless economy. Electronic transactions ensure a clear money trail and make it very difficult for tax evaders. In a bid to curb black money as well as limit the number of cash transactions, the Government from time to time has introduced many new […]
Cash transaction leaves no trail of the payer that causes tax evasion & black money. It affects the Indian economy by dual aspect one is revenue deficit to government and another one is unaccounted money that cannot flow in the economy. Both of these problems terribly effects the development of a country. That’s why government […]
Penalty under section 271E for violation of provision of section 269T could not be levied as assessee-company repaid loans advances otherwise than by crossed cheque, however, it substantiated with relevant documents that all the payments made by it were genuine and all the creditors accounted the loans as well as the repayments in their books of account and moreover, it was a mere technical violation.
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.
