Section 271DA - Page 2

Brief Study of Section 269ST of Income Tax Act, 1961

In this article we will understand why section 269ST is introduced and what is the need of invoking such provisions, Section 269ST was introduced by finance act, 2017 in Income tax act, 1961 by the central government in order to curb the tax evasion, regulation and circulation of Black money. Most of the transactions in […]...

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Relaxation of Penalty U/S 271DA for Violation of Section 269ST

Finance Act 2017, instead of amending section 273B, inserted a proviso to section 271DA itself to the effect that, no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention of section 269ST. However, what could constitute good and sufficient reasons for contravention have not bee...

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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....

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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. ...

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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....

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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 […]...

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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 create a disincentive against cash economy,...

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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....

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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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