With a view to promoting cashless transactions, the Central Board of Direct Taxes ( CBDT ) has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under

The Income Tax Appellate Tribunal (ITAT), Kolkata bench on Wednesday held that cash transaction between close family members for giving a support and help would not attract penalty under section 269SS of the Income Tax

Today, the Central Board of Direct Taxes (CBDT) issued a press release clarifying that the restrictions on cash transactions as introduced in the Finance Bill will not be applicable to cash withdrawals from banks, post

On October 12, 2023, the Income Tax Department carried out a comprehensive search and seizure operation targeting government contractors, real estate developers, and their affiliates. This operation covered a total of 55 locations across the

The income tax department has today made a statement that the news published in a portal with the headline 'IT goes after hospitals over unaccounted cash' is unsubstantiated. Earlier, the portal reported that the Finance

The Central Board of Direct Taxes (CBDT) issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law. The advisory issued by the Board remind the

Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts,

In a setback to all persons using BHIM, Phone Pe, Google Pay etc., the Banks are going to charge a specific amount for such digital transactions. Kotak Mahindra bank has already announced that it’s going

Government and the RBI takes various steps to bring down the cost of digital transactions. The Union Finance Minister Arun Jaitley said that digital transactions are a parallel mechanism, not a substitute, for cash transactions

The Central Board of Direct Taxes ( CBDT ), in a bid to promote cashless transactions, has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under

The Raipur Bench of Income Tax Appellate Tribunal (ITAT) has held that Section 263 of the Income Tax Act, 1961 could not be invoked on mere non reference of cash transactions. The Principal Commissioner of

Another googly from the Government to clean bowled the black money holders….!! The latest decision of the Income Tax Department to monitor bank accounts which exceeds 2.5 lakhs or an abnormal rise in income during

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the telescoping benefit allowable on addition on the bogus purchases not on cash generated out of such bogus purchases by group concerns.

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that if cash was received from brother and father of the assessee to meet business exigencies, such transactions cannot be treated as the

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the managing trustee of the society is not covered by the expression “any other persons” occurring in section 269SS or 269T of