Cash and Account Transactions: Income Tax Limits You Must Know About
As India continues to move toward a more digitised and transparent economy, the role of the Income Tax Department in monitoring high-value financial...
![Penalty u/s 271D Imposed for Cash Transaction in Wrong AY: ITAT Directs AO to Delete Penalty [Read Order]](https://images.taxscan.in/h-upload/2025/07/24/250x150_2068581-itat-cuttack-cash-transaction-penalty-taxscan.webp "Penalty u/s 271D Imposed for Cash Transaction in Wrong AY: ITAT Directs AO to Delete Penalty [Read Order]")
![Supreme Court Directs Courts & SRO to report Suits / Deeds of Cash Transaction Above ₹2 Lakh to Income Tax Authorities [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/04/Supreme-Court-Advocates-on-Record-Supreme-Court-announces-Taxscan.jpg "Supreme Court Directs Courts & SRO to report Suits / Deeds of Cash Transaction Above ₹2 Lakh to Income Tax Authorities [Read Order]")
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]](https://www.taxscan.in/wp-content/uploads/2023/05/Cash-Transaction-ITAT-Non-Reference-of-Cash-Transaction-by-AO-Non-Reference-of-Cash-Transaction-taxscan.jpg "Section 263 cannot be invoked on mere Non-Reference of Cash Transaction by AO: ITAT [Read Order]")
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...
![Distributorship Contracts Alone would not Attract Penalty for Cash Transaction Exceeding Rs. 2 Lakh for Co-operative Societies: CBDT [Read Circular]](https://www.taxscan.in/wp-content/uploads/2022/12/Distributorship-Contracts-Penalty-Cash-Transaction-Co-operative-Societies-CBDT-taxscan.jpg "Distributorship Contracts Alone would not Attract Penalty for Cash Transaction Exceeding Rs. 2 Lakh for Co-operative Societies: CBDT [Read Circular]")
Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm: ITAT [Read Order]
In ITO vs. M/s. Dayamayee Marble & Granite, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) cancelling the penalty held that the capital contributed in Cash Transaction by the...
![Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/05/Cash-Transaction-Taxscan.jpg "Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm: ITAT [Read Order]")
No Penalty If Cash above Rs 20000 received from Brother and Father due to Business Exigencies: Income Tax Tribunal [Read Order]
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...
![No Penalty If Cash above Rs 20000 received from Brother and Father due to Business Exigencies: Income Tax Tribunal [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/11/Cash-Transactions.jpg "No Penalty If Cash above Rs 20000 received from Brother and Father due to Business Exigencies: Income Tax Tribunal [Read Order]")
Cash Loans above the limits prescribed in Income Tax Act has Legal Sanctity: Delhi HC allows Money Recovery Suit [Read Judgment]
The Delhi High Court, in a recent ruling, dismissed an order of the Trial Court wherein a money recovery suit was dismissed on the ground that loan transactions above Rs. 20,000 cannot be recognized...
![Cash Loans above the limits prescribed in Income Tax Act has Legal Sanctity: Delhi HC allows Money Recovery Suit [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/05/Cash-Payments.jpg "Cash Loans above the limits prescribed in Income Tax Act has Legal Sanctity: Delhi HC allows Money Recovery Suit [Read Judgment]")