Income Tax : Indian tax law restricts cash transactions to promote digital payments. Limits apply to expense payments (Sec 40A(3): ₹10k/day),...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand relief mechanisms and defences under Section 271D of the Income Tax Act for accepting cash loans or deposits over ₹20...
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 : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : The Tribunal ruled that mere observations about cash transactions are insufficient to levy penalty under Section 271D. A specific ...
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 : ITAT Kolkata set aside the penalty order under Section 271D after the assessee claimed inadequate opportunity of hearing during pe...
Income Tax : The Court ruled that although the Joint Commissioner is the competent authority to levy penalty, initiation of proceedings still r...
Income Tax : The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers ano...
Income Tax : It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by th...
Income Tax : It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the l...
Discover the legal constraints around cash transactions under India’s Income Tax Act. Learn about the various sections that impose limits and penalties on cash dealings.
High Court held that Show cause proceeding cannot be scuttled by filing a writ petition, as it is not without jurisdiction. It is open for the petitioner to reply to the SCN for violation of Sec 269SS.
Held that payment of interest on cash loan falls within the ambit of unexplained expenditure within the meaning of Section 69C of the Income Tax Act.
Assessee sold property for Rs. 50 Lacs, receiving Rs.45 Lacs through cheques and only Rs.5 Lacs in cash. Given transaction’s transparency and intent of Sec.269SS to curb black money, this case isn’t suitable for a Section 271D penalty.
Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights about how much you are allowed to transact in cash.
ITAT Indore held that the penalty levied u/s 271D of the Income Tax Act without any assessment proceedings in the case of the assessee is not valid and liable to be quashed.
ITAT rules no penalty u/s 271D for exceeding cash transaction limit on loans taken through Account Payee Cheques. Read the full case of Sanjaykumar Patel.
ITAT Ahmedabad rules that Section 271D penalty doesn’t sustain if a loan is accepted through banking channels, relating to A.Ys. 2013-14 & 2016-17.
Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents.
Discover why cash payments should be avoided for personal and business transactions. Learn about the deductions affected and the potential consequences of using cash. Stay compliant with tax regulations.
