Section 271DA

Restrictions levied on Cash Receipts- Analysis of few aspects of Section 269ST

Income Tax - The Finance Bill, 2017 has proposed to introduce a new section 269ST in the Income Tax Act with effect from 01st April, 2017. This section aims for restricting the cash transaction for achieving the mission of the Government to move towards less cash economy to reduce generation and circulation of black money in the economy....

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Restriction on Cash Transaction under Section 269ST of Income Tax Act, 1961

Income Tax - The Central Government is continuously working to curb and stop black money circulations in our country. In order to achieve their motto Central Government has introduced provisions of Section 269ST and 271DA in the Income Tax Act, 1961, with effect from 1st April, 2017. ...

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All you need to know about various provisions in relation to Cash transactions under Income tax Act

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....

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Section 269ST: Cash sale of Agricultural Produce by Cultivator or Agriculturist

Income 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 […]...

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Cash Transactions – Latest clarification by CBDT

Income 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 […]...

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Cash withdrawals from bank do not attract Section 269ST Penalty

Income 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....

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Clarifications in respect of section 269ST of Income-tax Act, 1961

Circular 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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Recent Posts in "Section 271DA"

Restrictions levied on Cash Receipts- Analysis of few aspects of Section 269ST

The Finance Bill, 2017 has proposed to introduce a new section 269ST in the Income Tax Act with effect from 01st April, 2017. This section aims for restricting the cash transaction for achieving the mission of the Government to move towards less cash economy to reduce generation and circulation of black money in the economy....

Read More
Posted Under: Income Tax | ,

Restriction on Cash Transaction under Section 269ST of Income Tax Act, 1961

The Central Government is continuously working to curb and stop black money circulations in our country. In order to achieve their motto Central Government has introduced provisions of Section 269ST and 271DA in the Income Tax Act, 1961, with effect from 1st April, 2017. ...

Read More
Posted Under: Income Tax |

All you need to know about various provisions in relation to Cash transactions under Income tax Act

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 More
Posted Under: Income Tax |

Section 269ST: Cash sale of Agricultural Produce by Cultivator or Agriculturist

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 More
Posted Under: Income Tax |

Cash Transactions – Latest clarification by CBDT

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 More
Posted Under: Income Tax |

Clarifications in respect of section 269ST of Income-tax Act, 1961

Circular 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 create a disincentive against cash economy,...

Read More

Cash withdrawals from bank do not attract Section 269ST Penalty

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 More

Govt may reduce proposed cash transaction limit of 3 Lakh to 2 Lakh

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. ...

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