Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: form 3cd :: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: empanelment :: list of goods taxed at 4% :: VAT RATES
 
 
Direct Tax »
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps

Income Tax Department Warns Against Cash Dealings Above Rs. 2 Lakh
August, 29th 2017

The Income Tax Department on Monday warned people against cash dealings of Rs. 2 lakh and more, saying any violation of this cap will invite strict penalty under law.

In a public message, the department said "accepting Rs. 2 lakh or more in aggregate from a single person in a day for one or more transactions relating to one event or occasion is prohibited".

"Similarly, receiving or repaying Rs. 20,000 or more in cash for transfer of immovable property and paying more than Rs. 10,000 in cash relating to expenditure of business or profession is also banned.

"Cash payment prohibited! Contravention may result in levy of penalty! Go cashless. Go clean," the message stated.

The tax department has also asked the public to report such violations or those pertaining to black money to their jurisdictional principal commissioner of I-T department or email the same to

The department, in the past, has issued similar public advertisements.

The central government had banned cash transactions of Rs. 2 lakh or more from April 1, 2017, through the Finance Act 2017.

The newly inserted section 269ST in the Income Tax Act bans such cash dealings on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual.

"Contravention of section 269ST would entail levy of 100 per cent penalty on receiver of the amount," the Income Tax Department had said in a public advertisement in leading dailies early this year.

The restriction, however, is not applicable to any receipt by government, banking company, post office savings bank or co-operative bank, it had said.

The move to ban cash transactions above a threshold was aimed at curbing black money by discouraging cash transactions and promoting digital economy.

Such a proposal was also made by the Special Investigation Team (SIT), which was formed to eradicate the scourge of black money, to the Centre last year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions