Cash Transaction Limit us 269ST reduced to Rs 2 lakhs. As per Revenue Secretary tweet, Govt in official amendment to Finance Bill has proposed so.
Finance Bill 2017 had proposed a check on domestic black money by inserting a new section 269ST in the Income Tax Act, 1961 to provide that no person shall receive an amount of three lakh rupees or more,—
(a) in aggregate from a person in a day;
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
otherwise than by an banking channel/electronic clearing system. Simultaneously, a new section 271DA was proposed providing for the penalty equivalent to the amount received otherwise.
However, in recent tweet by the Revenue Secretary, Dr. Hasmukh Adhia, he has stated that in the official amendment to the Finance Bill, Government has proposed that the above limit of Rs. 3 lakhs for cash transactions be reduced to Rs. 2 lakhs.
The snapshot of Revenue Secretary’s official tweet is as under:
Assessing Officer had taken a reasonable stand that 25 kg written in WhatsApp chat/text message was 25 lakh - ITAT…
Shareholders are only owners of the shares of the company therefore, income from properties earned by the company cannot be…
When approval for reassessment was granted by unauthorised authority, such jurisdictional error cannot be shielded by the law of limitation…
ITAT on presumption of bogus purchases ought to have remanded case to AO to reconsider the whole matter instead of…
Where proceedings u/s 153C are barred by limitation, AO can not reopen the case invoking section 148 and 148A of…
Corporate guarantees executed by the corporate debtor constitute “financial debt” under IBC and banks to be recognized as financial creditors…