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SECTION 269ST
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...- ₹80 lakh cash loan row: Madras HC refuses to force PAN disclosure, sends papers to I-T deptThe Madras High Court has sent case files concerning an Rs 80 lakh cash loan to the Income Tax Department for scrutiny. The court ruled tha...
- 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...
- Supreme Court tightens grip on cash deals: Courts must report transactions over Rs 2 lakh to I-T departmentThe Supreme Court has directed lower courts and sub-registrars to report cash transactions of Rs 2 lakh and above to the Income Tax Departm...
- 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...
- Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax noticeHouse rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does no...
- Claiming HRA tax exemption? This is what your rent agreement should includeRent agreement for HRA tax exemption: Employers must collect supporting documents, such as rent receipts, in order to provide the HRA deduc...
- How much gold can you buy in cash without and with PAN, Aadhaar proof?Many people are inquiring from jewellers about buying gold from the withdrawn Rs 2000 banknote. However, not many people are aware of how m...
- 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...
- Allowing cash payments of over Rs 2 lakh to hospitals aimed at facilitating COVID patients: CBDT"CBDT has acted to facilitate patients during this pandemic. Provisions of section 269ST of IT Act have been relaxed to allow cash payments...
- Income tax rules eased, now you can pay Rs 2 lakh+ in cash for Covid treatmentFamilies of patients who are not net savvy were hard hit as they could not pay the bills via net-banking facilities. Hospitals typically do...
- Net-shy Covid patients feel payment pain, major worry for many in small-town IndiaFamilies of these Covid-19 infected persons are asking friends and relatives who use netbanking to transfer money to the hospitals and clin...
- When to say 'No' to cashThe move to curb cash transactions above a threshold is aimed at curbing black money and promoting digital economy.
- Why FM Arun Jaitley needs to clarify the cash transactions law in Budget 2018While government's intent is to curb the circulation of black money - there are a few grey areas on the applicability of Section 269ST whic...
- PAN not needed for cash sale of agri produce up to Rs 2 lakh/dayThe provision implies that any cash sale of an amount of Rs 2 lakh or more by a cultivator of agricultural produce is prohibited under sect...
- Income Tax Department warns against cash dealings above Rs 2 lakhThe department said, “accepting Rs 2 lakh or more in aggregate from a single person in a day for one or more transactions relating to one e...
- Cash of over Rs 2 lakh can be used to pay credit card billsThis happens with the Central Board of Direct Taxes relaxing norms that barred such transactions exceeding this amount. The limit will also...
- Credit card bill payment exempt from cash dealing limitThe Finance Act 2017 banned cash transaction of Rs 2 lakh or above with effect April 1, 2017. However, some exceptions were made.
- You can repay your entire loan in cash, provided each instalment is less than Rs 2 lakhThe finance ministry issued a circular clarifying that the prohibition of cash payment would only apply to repayment of a single loan insta...
- Income Tax department warns against cash dealings of Rs 2 lakh, seeks tip-offI-T dept also advised people having knowledge of such dealings to tip-off the tax department by sending an email to 'blackmoneyinfo@incomet...
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