Income Tax - MODE OF UNDERTAKING TRANSACTIONS. 269ST. No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque […]...
Read MoreIncome Tax - Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notification No. 56/2021-Income Tax Dated: 7th May, 2021 for a period of 2 months. Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST (as inserted by the […]...
Read MoreIncome Tax - a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]...
Read MoreIncome Tax - अर्जुन: हे माधव, प्रणाम! मेरी एक समस्या का निवारण कीजिए। कृष्ण: कहिए अर्जुन! बताइए क्या समस्या हैं? अर्जुन: माधव, मुझे यह बताए कि GST का...
Read MoreIncome Tax - As we all know about the section 269ST, which was introduced by the Central Government in the Income Tax Act, 1961 by the Finance Act, 2017, to curb tax evasion, regulation and circulation of black money. 1. Basic Understanding of Section 269ST As per section 269ST, any person who enters into a transaction of Rs […]...
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-Income Tax - (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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