Section 269ss and 269t deals with restrictions on taking cash loan of rs. Section 260a of the it act, 1961 hereinafter for brevity called the act, against an order dt. Analytical study of section 269st of income tax act, 1961. For multiple keywords search please use space between each. Restrictions on cash receipt new section 269st of income. Section 269ss and 269t of income tax act,1961 been explained in the article. In this video you can see that how much and when you can repay your loan for availing benefits under income tax. Section 269ss and 269t deal with the cash payment and repayment of.
Click here to download cbdts notification no 57 of 2017 providing exemptions us 269st. Penalty for failure to comply with the provisions of section 269ss. Section 269ss and 269t deals with restrictions on taking cash. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Income tax department download ask 1800 180 1961 1961. Income tax act 1961 section 269 to schedules, indian bare acts at, a website for indian laws and bareacts, legal advice and law documents in india. According to section 273b of the income tax act, 1961, there is no penalty levied on an individual if heshe fails to obey the inclusions of section 269t or 269ss because of some reasonable cause. The own capital of a person may not be always sufficient to meet the needs of finance of the business.
The government has attempted to target and penalize receiver instead of payer. Loans or deposits under sec 269ss of income tax act, 1961. Any corporation established by a central, state or provincial act. Download cleartax app to file returns from your mobile phone. Tax act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269ss, then a penalty equivalent. The government has aimed to curb generation of black money, to move towards less cash economy and promote digital economy.
Download of conso files without correcting unmatched challans in tds statements. Failure to comply with the provisions of section 269ss. Situations when no penalty is levied under section 271e or 271d of the income tax act, 1961. Cbdt notifications reg exemptions from prohibition of cash. Income tax provisions of section 269ss and section. Provisions of section 269ss and 269t under income tax act. Provisions of section 269ss and 269t under income tax act finance is the important part and need of every business. According to section 273b of the income tax act, 1961, there is no penalty levied on an individual if heshe fails to obey the inclusions of section. Restrictions on cash receipt new section 269st of income tax act, 1961 and some issues links and references. The above section was inserted in the income tax act, 1961 by the finance act, 2017.