Income Tax : Explore the rules and regulations governing cash transactions in real estate deals to ensure tax compliance. Learn about permissib...
CA, CS, CMA : जानें जीएसटी और आयकर एक्ट में नकद संव्यवहार के नि�...
Income Tax : Dive into critical tax regulations and provisions, from related party payments to cash disallowance, and learn how they impact you...
Income Tax : Discover why Section 40A(3) limits cash payments and promotes a cashless economy, including reduction of black money generation. P...
Income Tax : Learn about Section 40A(3) of the Income Tax Act, which disallows deductions for cash expenditures exceeding Rs. 10,000. Explore r...
Income Tax : It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/...
Income Tax : Detailed analysis of Ramanlal Jivrajbhai Patel vs ITO case from ITAT Ahmedabad. Learn about judgments on business expenditure unde...
Income Tax : In PCIT Vs Mahabir Jute Mills Lts., the Allahabad High Court ruled that if books of accounts are not objected to, the AO cannot di...
Income Tax : Calcutta High Court ruling states payments by supervisors to individual labourers, each not exceeding Rs. 20,000, cannot be disall...
Income Tax : Analysis of Bharat Jaroli vs PCIT case by ITAT Indore, highlighting AO's failure to scrutinize cash payments under Sec 40A. Detail...
Income Tax : Read the full text of the ITAT Chandigarh's decision in the case of Manuj Jain HUF Vs PCIT. The assessment order was upheld, rejec...
Understanding the Cashless Economy under Income Tax Act, 1961. Learn about the provisions and implications of going cashless for business transactions.
The object of the provisions of Section 40A is to curb the flow of black money and not to put an impediment to the trade and Business The Hon’ble Tribunal accepted the plea of the assessee The writ petition of the CIT was reject ted by the Hon’ble PB and Hr. High Court The plea […]
Bharat Agro Industries Vs ITO (ITAT Raipur) The first allegation concerns infringement of Section 40A(3) of the Act and consequent applicability of Section 40(a)(ia) of the Act. In this regard, it is the case of the assessee that purchases were made from villagers/Tribals who are procuring the seeds and supplying the same to the assessee. […]
Merely because assessee had not disclosed mode of payment of salary i.e. either by cheque or cash, the same should not doubted especially when such salary to security guards came to Rs.27,000/- per month for four persons. Even, if the payment was made in cash, there would be no violation of section 40A(3).
Restriction on CASH Transaction along with TOP 10 High value cash transaction that may lead to income tax notice DID you know CASH transaction Limit under Income tax and GST and what are the HIGH value Transaction? This article will help you to solve your problems related to 2 important areas 1) Restriction on CASH […]
Written Submission in respect of Shri XXXXXXXX , XXXXXXX , XXXXXXXX , for the A.Yr. 2014-15 before the Hon’ble Commissioner of Income Tax(Appeals),XXXXXXXXX, XXXXXXXXi Respected Sir, Addition of Rs. 326000.00,Section 40A(3) of the Income Tax Act, 1961 Out of Total Purchases of Rs. 1005450.00(Including VAT) made during the F.Yr. 2013-14 the payment was made as […]
A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provisions relating to cash transactions are broadly summarized […]
Kedar Nath Sawhney Vs ACIT (ITAT Delhi) The assessee in terms of its contract is bound to deliver the goods within the stipulated time. In the course of such transportation, the assessee is bound to incur expenses for putting fuel in the vehicle, payment of toll gate charges, incurring of expenses for routine and exceptional […]
Disallowance of Expenditure made in Cash- Section 40A(3) & 3(A) (Read with Rule 6DD) (Read with Section 269 ST & Section 271 DA of Income Tax Act, 1961) (Read with Notification 08/2020) Section 40A(3) Cash Payment in Current Year Any payment made to a Person, in a day, for a single Bill exceeding Rs. 10,000 […]
Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions take place by modes […]
