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,...
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.
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
