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:
When foundation of reopening does not survive, no addition can be made in respect of other issues - ITAT In…
GSTN Advisory & FAQs related to Electronic Credit Reversal and Re-claimed Statement and RCM Liability/ITC Statement To ensure correct and…
It is well settled that if any receipt cannot be subjected to tax being exempt under law, negligence of any…
Since UPGST Authorities unable to inform when notice sent by GSTN Portal may have been retrieved or downloaded, no inference…
High Court declines plea of assessee that Income Tax Department wrongly read amount of cash deposit of Rs. 250000 Cr…
Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…