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Income Tax - The Government of India with an intention to evade black money and to discourage the cash transactions time and again taking various steps. Specially the Income tax Act is amended and provided with disallowances and stringent penal provisions for various types of cash transactions. Let us briefly understand some of such provisions here....
Read MoreIncome Tax - To put restriction on the cash transactions & promote digital economy, a new section 269ST has been inserted in the Income-tax Act, 1961 vide Finance Act, 2017 w.e.f 1st April 2017 Section Relevant Provisions – In Brief Section 269ST Prohibits receipt of an amount of Rs. 2 lakh or more by a person, Circumstances […]...
Read MoreIncome Tax - To put restriction on the cash transactions & promote digital economy, a new section 269ST has been inserted in the Income-tax Act, 1961 vide Finance Act, 2017. * Section 269ST – In Brief: The said section, prohibits receipt of an amount of ` 2 lakh or more by a person, Circumstances — In aggregate from […]...
Read MoreIncome Tax - Revenue Secretary Dr Hasmukh Adhia tweeted on 21.03.2017 that In the official amendment to Finance Bill 2017 Govt has proposed that limit of 3 lakhs for cash transaction, beyond which it is illegal, be reduced to 2 lakhs. The penalty for violating this is a fine equivalent to the amount of transaction. ...
Read MoreIncome Tax - It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from a bank, cooperative bank or a post office savings bank....
Read MoreCircular No. 22 of 2017 - (03/07/2017) - Circular No. 22 of 2017 F.No.370142/10/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) (TPL Division) *** Dated 03rd July, 2017 Clarifications in respect of section 269ST of the Income-tax Act, 1961 With a view to promote digital economy and cre...
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Circular No. 22 of 2017 - (03/07/2017) -
