Income Tax : Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, an...
Income Tax : Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights...
Income Tax : Understand the restrictions on cash transactions of Rs. 2 lakhs or more under income tax law. Learn about the modes of undertaking...
Finance : Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notific...
Income Tax : a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exc...
Income Tax : It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from ...
Income Tax : ITAT Chennai held that there is no violation of provisions of section 269SS when all sale deeds were registered and cash payment w...
Income Tax : ITAT Ahmedabad held that provisions of Section 269ST of the Income Tax Act 1961 would apply to undisclosed income which was declar...
Income Tax : Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights...
Income Tax : Assessee demonstrated that cash deposit in its bank account by a party in the state of Assam is against its sales realisation and...
Income Tax : Balaji Auto Enterprises Mysore Pvt. Ltd. Vs ACIT (ITAT Bangalore) ITAT observe from the order of the AO that the assessee has rece...
Income Tax : Circular No. 22 of 2017 F.No.370142/10/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Di...
ITAT Chennai held that there is no violation of provisions of section 269SS when all sale deeds were registered and cash payment was made at one go before the sub-registrar at the time of registration of sale deeds of plots. Hence, penalty u/s 271D not leviable.
Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, and repayments to avoid penalties.
ITAT Ahmedabad held that provisions of Section 269ST of the Income Tax Act 1961 would apply to undisclosed income which was declared during the survey proceedings.
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.
Assessee demonstrated that cash deposit in its bank account by a party in the state of Assam is against its sales realisation and is duly accounted in its books of account and offered for taxation.
Balaji Auto Enterprises Mysore Pvt. Ltd. Vs ACIT (ITAT Bangalore) ITAT observe from the order of the AO that the assessee has received cash more than 2.00/- Lakh from the four parties on different dates. As per the opinion of the AO the assessee has violated the provision of section 269ST, therefore, he imposed the […]
Understand the restrictions on cash transactions of Rs. 2 lakhs or more under income tax law. Learn about the modes of undertaking transactions and the exceptions.
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 […]
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 […]
अर्जुन: हे माधव, प्रणाम! मेरी एक समस्या का निवारण कीजिए। कृष्ण: कहिए अर्जुन! बताइए क्या समस्या हैं? अर्जुन: माधव, मुझे यह बताए कि GST कानून के तहत एक टैक्सपेयर कितने रुपए का नकद में लेन-देन कर सकता हैं? कृष्ण: वत्स! GST कानून में नकद लेन-देन को लेकर कोई भी प्रावधान नहीं हैं परन्तु इनकम टैक्स […]
