Rs 2 lakh cash withdrawal limit not applicable to banks, post offices Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal.
In addition to this limit, the Income Tax Act prohibits acceptance or payment of an advance of Rs 20,000 or more in cash for purchase of immovable property. Besides, quoting of PAN has been made.
Since 6 April 2017, the tax and employer NIC advantages of salary sacrifice (and cash alternative) arrangements have been removed so that the salary sacrificed is subject to (broadly) the same tax as cash income. There are exemptions, including arrangements relating to registered pension schemes, childcare vouchers, Cycle to Work, and ultra-low emission cars. Arrangements in place before 6.For a transaction to be covered under the definition of Specified Domestic Transaction, the aggregate value of all the specified transactions under various limbs of Section 92BA should exceed threshold limit of INR 20 crores with effect from Assessment year 2016-17. The stated threshold ensures that taxpayers having minimal transactions with related parties are not burdened by the compliance.Read more about Rs 2 lakh is the cash transaction limit, Aadhaar mandatory for I-T returns on Business Standard. If you receive more than Rs 2 crore in cash in a single transaction or many transactions relating to a single event from next month, you may have to cough up a penalty equivalent to the amount got by you, in case an amendment to the Finance Bill.
This Act may be cited as the Income Tax Act, 1973 and shall, subject to the Sixth Schedule, come into operation on 1st January, 1974, and apply to assessments for the year of income 1974 and subsequent years of income.Read More
Cash deposits in banks and post offices above certain limits between November 9 and December 30, 2016, will be reported to the income tax department. As per Section 285BA of the Income Tax Act.Read More
This part deals with calculating the total tax on your total taxable income (C2) that is computed after deductions from part C. Rebate is claimed under sec 87A up to a maximum amount of Rs 5,000.Read More
A taxpayer may elect not to have the amendments made by this section apply to any loan or lease, or any transaction with a related party (within the meaning of section 267(b) of the Internal Revenue Code of 1954, as in effect before the enactment of this Act), entered into on or before September 25, 1985. Any election under the preceding sentence may be made separately with respect to each.Read More
Under the new income tax system, an income taxpayer having an annual salary of Rs.15 lakh will have to pay Rs.1.95 lakh as tax, provided they forgo the usual tax deductions and exemptions under Section 80C, whereas under the old system their tax liability would have been Rs.2,73,000 (with deductions), according to the Finance Minister (FM). The new tax regime thus reduces the tax burden on.Read More
Through the Finance Act 2017, the government has banned cash transactions of over Rs. 2 lakh and said a penalty of an equal amount would be levied on the receiver. In a clarification on the newly-inserted Section - 269ST - in the Income Tax Act, the Central Board of Direct Taxes (CBDT) said the restriction will not apply to withdrawal from banks and Post Offices.Read More
Overview of Income Tax Acts. 2. Overview of Act. Part 2 Basic provisions. Chapter 1 Charges to income tax. 3. Overview of charges to income tax. 4. Income tax an annual tax. 5. Income tax and companies. Chapter 2 Rates at which income tax is charged. The rates. 6. The. basic rate, higher rate and additional rate. 6A. The Scottish basic.Read More
Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices. Your Money Press Trust of India. Updated: April 06, 2017 02:22 pm IST. Through the Finance Act 2017, the government.Read More
Income Tax Act 2007. Public Act 2007 No 97. Date of assent 1 November 2007. Commencement see section A 2. Note. Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint. Note 4 at the end of this reprint provides a list of the amendments incorporated. This Act is administered by the Inland Revenue Department. Contents. A 1: Title: A 2.Read More
An Act to consolidate and amend the law relating to the imposition, assessment and collection of tax on incomes. (Date of Commencement: 1st July, 1995.) PART I Preliminary (ss 1-2) 1. Short title This Act may be cited as the Income Tax Act. 2. Interpretation In this Act, unless the context otherwise requires-.Read More