Income Tax : Supreme Court ruling on cash property deal cites wrong tax law (269ST instead of 269SS), but mandates reporting of large cash tra...
Income Tax : Learn about common irregularities in tax audit reports for AY 2023-24, including reporting gaps in Forms 3CA/3CB, SA 700, and sect...
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 : 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 Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan...
Corporate Law : Delhi High Court held that imposition of penalty under section 271DA of the Income Tax Act is justifiable since there is no inordi...
Income Tax : ITAT Bangalore held that penalty order under section 272A(2)(e) of the Income Tax Act has to be passed within reasonable time. Sin...
Income Tax : Assessee contended that there was no violation of provisions of sec.269T since the security deposits were obtained through banking...
Income Tax : ITAT Amritsar held that there is no violation of provisions of section 269SS of the Income Tax Act when cash payment was made at o...
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 Chennai held that penalty u/s 271D and 271E of the Income Tax Act duly leviable as reasonable cause for accepting loans and advances in cash in contravention of provisions of Sec.269SS & 269TT not explained.
ITAT Indore held that as AO unable to found source of any cash loans during the search proceedings, provisions of section 269SS/ 269T of the Income Tax Act cannot be applied.
ITAT Delhi held that considering the bonafide and genuine transaction, reasonable cause in terms of section 273B of the Act, exist in the case of the assessee for not complying with the provision of section 269SS and 269T, and therefore, penalty u/s 271D and 271E not leviable.
ITAT Raipur held that assessee failed to put forth the reasonable cause because of which provisions of section 269T of the Income Tax Act was not complied. Accordingly, penalty under section 271E of the Income Tax Act leviable.
ITAT Jaipur rules in favor of Shri Deepak Mata, deleting penalties under Sections 271E and 271D for loan transactions below Rs.20,000 threshold.
Share application money is not loan or deposit and hence not falls u/s 269SS of the Act and penalty u/s 271D cannot be levied.
Curbing cash transactions Section 269SS of Income Tax Act mandates electronic modes for loans above ₹20,000 to fight black money. Understand the provisions, penalties for non-compliance, and FAQs.
Budget 2023- Amendment in section 269SS & 269T of Income Tax Act by raising limit of Rs. 20,000 to Rs. 2 lakh for PACS & PCARD.
ITAT Delhi held that penalty u/s 271E of the Income Tax Act leviable on account of repayment of loan in cash in excess of Rs. 20,000 vis-à-vis failure of assessee to prove that such payment is covered by exceptional circumstances covered under section 269T.
Learn about Sec 269SS, 269ST & 269T of the Income Tax Act & how they affect businesses. Analysis of these sections & their importance for maintaining business success.
