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SECTION 269SS
Property seller accepts Rs 5.52 lakh cash from buyer, faces income tax penalty; ITAT Cuttack grants relief due to this technical reasonIn a notable case, Mr. Choudhury was penalized by the Income Tax Department for accepting cash during a property sale. His Chartered Accoun...- Rs 48 lakh in cash received from the sale of two properties, paid capital gains tax but received an income tax notice; taxpayer wins the case in ITAT Cuttack for this reasonMr. Purushottam residing in Kabisurya Nagar, encountered a penalty for accepting cash payments linked to his property sales. He sold two pr...
- From cash receipts to property deals: 8 key income tax limits every taxpayer should know to avoid penaltiesNew rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions. Individuals cannot receive over Rs 2 lak...
- Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rulesA woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her fa...
- Lady received cash from property sale and got tax notice for unexplained income; ITAT ruled in her favour on this groundThe ITAT Mumbai has ruled that cash received from a property sale cannot be treated as unexplained income if backed by proper records. Howe...
- From Rs.20,000 to Rs.2 lakh: Check the cash transaction limits that can trigger 100% income tax penalties
- Pay more than Rs 20,000 in cash for these transactions and get ready to pay up to 100% penalty, says tax deptThe Income Tax Department warns against excessive cash transactions, citing penalties for violations under Sections 271DD, 269SS, 269ST, an...
- These cash transactions may attract up to 100% penalty by Income Tax DepartmentPenalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their da...
- Muthoot Finance and Manappuram Finance shares tank up to 9% after RBI advisoryMuthoot Finance and Manappuram Finance shares dropped 8-9% on BSE following an RBI advisory on cash disbursal of loans. The RBI instructed ...
- RBI asks NBFCs to stick to loan cash payout limit of Rs 20,000The Reserve Bank of India has instructed non-bank finance companies (NBFCs) to strictly enforce a 20,000 rupees ($240) cash loan limit to d...
- Cash loans above Rs 20,000 can invite penaltyLoans from certain institutions such as banks, government departments, and Post Offices are exempted, but cash transactions with other enti...
- Can you withdraw any amount from bank using bearer's cheque? Know risks involved, income tax laws you may faceAn individual can make a payment using bearer cheque as well. Usually, the receiver of the bearer cheque can visit the bank to encash the c...
- Hero Moto shares tank 7% as I-T search reveals Rs 1,000 crore bogus expensesThe Income Tax Department had carried out a search and seizure operation on March 23 on Hero Motocorp and its chairman and managing directo...
- I-T dept unearths tax evasion and unexplained investments amounting to Rs 50 cr in J-KThe operation conducted on a prominent hotelier led to seizure of incriminating documents showing unexplained investments in immovable prop...
- Pause on gold savings schemesIt has to be seen whether these gold savings schemes fall under the Ponzi scheme category.
- Bankers: Government should make gold monetisation more attractiveIn December 2017, trade deficit widened to $14.88 billion from $10.55 billion a year ago after gold imports soared 72% to $3.39 billion.
- I-T department to scrutinise loan deposits under Operation Clean MoneyA CBDT official said there are certain exceptions to these cash-based loan transfers like that under the agricultural income category and o...
- Budget 2012: IIA expects the income tax rate for MSME manufacturers to be reducedIn the Budget, the rate of depreciation on plant and machinery should be enhanced to 50% from 15% at present as an incentive.
- Query Corner: TaxOur expert helps you understand the complexities of tax in this weekly column.
- Cash-loan from family in SOS not to attract a penalty: ITATTaxman will not breathe on you if you have taken a cash loan from a family member, provided you can explain the reasons for doing so, as pe...
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