What is specified sum under 269SS?
“specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
What is 269ST of income tax act?
Section 269ST was introduced by the government to curb the black money and tax fraud in the economy. Section 269ST prohibits any person to receive an amount of Rs. 2 lakh and above in cash: In aggregate from a person in a day, or.
What is 269SS of Income Tax Act?
What is Section 269SS? As per Section 269SS, any deposit or loan or any specific amount should not be accepted or taken from any person other than by an account payee bank draft, account payee cheque, or through electronic clearing system via bank account, if: The amount of deposit or loan or specified sum is Rs.
When did 269ST introduced?
Black money is a major threat to the Indian economy. Section 269St was inserted in Income Tax Act,1961 to curb the problems caused by black money. Black money has been a major threat to our economy.
What is section 79 of Income Tax Act?
Section 79 stipulates that in case of a Company, not being a company in which the public are substantially interested, shall not be allowed to carry forward and set-off the losses against the income of previous year, unless on the last day of the previous year, the shares of the company carrying not less than fifty-one …
What does section 269ss of the Income Tax Act 1961 do?
Chapter XXB (Sections 269SS to 269TT) of the Income Tax Act 1961 deals with the provisions related to Requirement as to mode of acceptance payment or repayment in certain cases to counteract evasion of tax. Section 269SS of IT Act 1961 provides for Mode of taking or accepting certain loans, deposits and specified sum.
Which is part of Income Tax Act 1961?
Section 269SS and 269T of Income Tax Act,1961 been explained in the Article. Section 269SS and 269T deals with restrictions on taking Cash Loan of Rs. 20000 of more than and its repayment in cash. Section 269SS
What are the consequences of contravention of section 269ss?
Consequences of contravention of section 269SS. Section 271D of Income Tax Act 1961 provides that if a loan or deposit or specified sum is accepted in contravention of the provisions of section 269SS then a penalty equivalent to the amount of such loan or deposit or specified sum may be levied by the Joint commissioner.
Is there penalty for failure to comply with Section 269T?
As per Section 273B of Income Tax Act no penalty shall be levied if the failure to comply with the provisions of section 269SS or 269T is due to some reasonable cause. Now the question arises what can be a reasonable cause to justify the violation of the provisions of section 269SS and 269T.