The Central Board of Direct Taxes (CBDT) notified the relaxation in cash payments of more than 2 lakhs in hospitals providing Covid treatment. “The Central Government, in the exercise of powers conferred by clause (iii)

The Central Government today notified the lists of transactions which are not hit by the provisions of section 269ST of the Income Tax Act. Section 269ST, introduced by Finance Act, 2017 with effect from 01.04.2017

The Central Board of Direct Taxes ( CBDT ) has issued an instruction clarifying that the provisions of section 269ST of the Income Tax Act, 1961 for the imposition of penalty for cash transactions exceeding

The Income Tax Department on Friday said that persons carrying out cash transactions of Rs. 2 lakh or more would be charged with 100% penalty. It said that Section 269ST has been inserted in the Income Tax

Section 269ST was introduced in the Income Tax Act, 1961 by the budget 2017. Under this section, no person can receive payment above ₹2 Lakhs in a single day. The main aim of this section

The Central Board of Direct Taxes (CBDT) today clarified that the prohibition on cash transactions upto Rupees 2 lakhs under section 269ST of the Income Tax Act does not applies to one installment for Loan

The Central Board of Direct Taxes (CBDT) has issued clarification on Cash sale of agricultural produce by cultivators/agriculturist. The provisions relating to quoting of PAN or furnishing of Form No.60 under rule 114B of the

Income Tax Appellate Tribunal (ITAT), Kolkata bench has deleted penalty under section 273B of Income Tax Act 1961 and proclaimed that the cash transactions with sister-in-law and nephew does not fall in the definition of

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty for cash transactions cannot be imposed on genuine transactions. In the instant case, the Assessing Officer initiated penalty proceedings under

The Central Board of Direct Taxes (CBDT) notified the corrigendum in respect of relief for cash transactions till May 31, 2021. The Central Government, in exercise of powers conferred by clause (iii) of Proviso to

In the Budget 2023, the Finance Minister suggested a new cash transaction cap for agricultural loans and deposits under section 269SS of the Income Tax Act, 1961. The fine was exempt up to 2 lakh

The Indore bench of Income Tax Appellate Tribunal (ITAT) has recently held that provision of section 269SS/269T Income Tax Act 1961 should not be applicable if Assessing Officer (AO) not found explanation regarding source of

The Central Board of Direct Taxes ( CBDT ) has directed the banks to refund the charges collected after January 1st 2020 on E-Transactions. The Circular issued by CBDT said that, In furtherance to the

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 269SS of the Income Tax Act will not be applicable to loan transaction between husband and wife. While

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271E of the Income Tax Act 1961 holding that the transaction between 2 companies could not come under Section 269SS