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:
Assessee could not said to indulged in penny stock sale on human probabilities without showing his involvement – ITAT deleted…
Before staying CESTAT order the High Court should have framed the substantial questions of law and thereafter could have passed…
Chartered Accountant issuing Form 15CB not required check genuineness or otherwise of documents submitted by his clients – Supreme Court…
Ongoing investigation qua absconding person, cannot be a ground to deny bail to person against whom the investigations have been…
Accommodation entry operators also routinely obtain PAN, file ITRs, and maintain bank accounts, to give a facade of legitimacy to…
ICAI sets up two new branches : at Morbi and Bhiwandi The Institute of Chartered Accountants of India (ICAI) has…