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Cash Transaction

Prepayment Charges on Loan Terminated After Default Becomes Unsustainable: DRT Partly Allows ₹12.38 Lakh Kotak Mahindra Bank Claim [Read Order]

The Debts Recovery Tribunal, Delhi has held that pre-payment charges cannot be recovered if the loan agreement has already been terminated on ...

How Much Cash is Too Much? Understanding Permissible Limits on Holding, Carrying and Transacting...

Are Wedding Gifts Tax Free or Taxable in India? Know the Legal Position with Case Laws

Cash and Account Transactions: Income Tax Limits You Must Know About

Penalty u/s 271D Imposed for Cash Transaction in Wrong AY: ITAT Directs AO to Delete Penalty [Read...

Supreme Court Directs Courts & SRO to report Suits / Deeds of Cash Transaction Above ₹2 Lakh to Income Tax Authorities [Read Order]

The Supreme Court ordered courts and registration authorities to notify the Income Tax Department of any cash transactions above ₹2 lakhs, in a landmark decision intended to combat tax fraud and...

Overview of Cash Transaction Provisions Under the Income Tax Act: Allowed vs. Disallowed

Cash transactions are common in everyday life, but under the Income Tax Act ,there are rules to control large cash dealings. These rules help reduce tax evasion and encourage more transparent...

Cash Transaction Limits in India: All You Need to Know

In our everyday lives, we undertake numerous transactions in terms of money, both inwards and outwards. Even though the transactions need not be in the nature of “income”, the Income Tax Department...

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

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,...

Section 263 cannot be invoked on mere Non-Reference of Cash Transaction by AO: ITAT [Read Order]

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...

Case Digest on Cash Transaction under Section 269SS of the Income Tax Act

Nowadays the black money menace is ongoing in our country and almost every day money laundering scam is unearthed by the Income Tax Authorities. One of the main reasons for this is the large amount...

Distributorship Contracts Alone would not Attract Penalty for Cash Transaction Exceeding Rs. 2 Lakh for Co-operative Societies: CBDT [Read Circular]

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...