Section 269ss of income tax act 1961

Mode of taking or accepting certain loans, deposits and specified sum, mode of repayment of certain loans or. Section 269st was introduced by finance act, 2017 in income tax act, 1961 by the central government in order to curb the tax evasion, regulation and circulation of black money. Section 269t prohibits any person to repay the loan or deposit or specified sum otherwise than by an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, if a. Section 269ss and 269t deals with restrictions on taking cash. Income tax provisions of section 269ss and section. Section 271d of income tax act 1961 provides that if a loan or deposit or specified sum is accepted in. 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. Mode of taking or accepting certain loans, deposits and specified sum. Section 269ss and 269t has been introduced under the income tax act to mitigate evasion of tax through case transactions in form of loans, advances or deposits. 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. Section 269ss, incometax act, 19612014 chapter xxb requirement as to mode of acceptance, payment or repayment in certain cases to counteract evasion of tax in order to curb generation of black money by way of dealing in cash in immovable property transactions it is proposed to amend s. Applicability of section 269ss and 269t of income tax act. Such other persons or class of persons or receipts, which the government may, by notification official gazette, specify.

Section 269ss 269t of income tax act mode of taking or accepting. Section 271d of income tax act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269ss then a penalty equivalent to the amount of such loan or deposit may be levied by the joint commissioner. Section 271e of the incometax act, 1961 penalty for failure to comply with section 269t where petitioner had failed to prove that. Amount of loan or deposit, including interest amount, is rs. Situations when no penalty is levied under section 271e or 271d of the income tax act, 1961. Central government act section 269ss in the income tax act, 1995 269ss. Applicability of section 269ss and 269t indian tax updates. Unaccounted cash representing concealed income, in many occasions, when found by the income tax authorities, the tax payers. Brief study of section 269st of income tax act, 1961. Incometax department under section 279 and there are sufficient. Shri neeraj purohit, jaipur vs joint commissioner of income tax. Provisions of section 269ss and 269t under income tax act. Section 269ss and 269t of income tax act,1961 been explained in the article.

For section 269ss of the incometax act, the following section shall be substituted with effect from the 1st day of june, 2015, namely. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Section 269ss and 269t deals with restrictions on taking cash loan of rs. Tax act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269ss, then a penalty equivalent. Earlier, provisions under sections 269ss and 269t of the income tax act, 1961 were included in the act. Currently, the relevant threshold under the income tax act, 1961 is rupees twenty. For section 269ss of the income tax act, the following section shall be substituted with effect from the 1st day of june, 2015, namely. 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. Decoding rbis clarification on disbursal of loan in cash vinod. Section 269ss and 269t of income tax act, 1961 been explained in the article.