Lower tax rate for manufacturing coops, higher cash pay limit: Amit Shah in RS
1 week, 4 days ago

Lower tax rate for manufacturing coops, higher cash pay limit: Amit Shah in RS

Hindustan Times  

Newly set up co-operatives that undertake manufacturing activities will get benefits of a lower tax rate of 15%, as is available to new manufacturing firms, Union minister for home and cooperation Amit Shah has said in a reply in Parliament. The Income Tax Act’s section 269 ST prohibits cash receipts of over ₹ 2 lakh from any person. In a written reply to a question in the Rajya Sabha on Wednesday, Shah also stated that milk cooperatives, the backbone of India’s sprawling dairy sector, can receive cash in excess of ₹2 lakh on bank holidays towards payment of milk price. The Income Tax Act’s section 269 ST prohibits cash receipts of over ₹2 lakh from any person, via any transaction or multiple transactions in a day for a “single event”, or business exchange. “This would enable cooperative societies to make payments to their members, who are mostly from rural and farming communities, on bank holidays without fear of income tax penalty,” Shah said.

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Income tax rules: How much cash can you receive in one day to avoid an I-T notice?
1 week, 6 days ago

Income tax rules: How much cash can you receive in one day to avoid an I-T notice?

Live Mint  

The income tax department carefully monitors high-value cash transactions, so taxpayers should exercise caution when engaging in them. Section 269ST of the Income Tax Act prohibits receiving cash payments of ₹2 lakh or more in a single day for a single transaction or related transactions on a single occasion. “Taxpayers should be aware that the Income Tax Department monitors high-value …

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023
1 year ago

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023

Live Law  

Delhi High Court Case Title: Resorts Consortium India Limited Versus ITAT Citation: 2023 LiveLaw 1178 The Delhi High Court has condoned a 79-day delay in filing an appeal as a review petition was filed before the Income Tax Appellate Tribunal. Allahabad High Court Income Tax Authority Cannot Dissect An Otherwise Indivisible Contract In Absence Of Legal Provision: Allahabad High Court …

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023
1 year, 1 month ago

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023

Live Law  

Delhi High Court Case Title: BT Private Limited Versus UOI Citation: 2023 LiveLaw 1082 The Delhi High Court has held that a CENVAT credit refund cannot be denied in the absence of the self-assessed return having been questioned, reviewed or re-assessed. Case Title: Shreyash Retail Private Ltd Versus Deputy Commissioner Of Income Tax TDS Circle Citation: 2023 LiveLaw 1102 The …

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS
1 year, 10 months ago

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS

Live Law  

In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has proposed to increase the threshold limit for co-operatives to withdraw cash without TDS. The government has proposed to amend section 194N of the Income Tax Act by inserting a new proviso to provide that where the recipient is a co-operative society, the provisions of the section shall have effect, as …

ITAT Sustains Disallowance As Cash Payment Exceeds Rs. 20,000 To Single Party In Single Day
1 year, 11 months ago

ITAT Sustains Disallowance As Cash Payment Exceeds Rs. 20,000 To Single Party In Single Day

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal has sustained the disallowance under section 40A of the Income Tax Act as a cash payment exceeds INR 20,000 to a single party in a single day.The two-member bench headed by Mahavir Singh and G. Manjunatha has observed that Section 40A, which has been amended w.e.f. The Chennai Bench of the …

Income tax: These 5 cash transactions may attract I-T notice. Details here
2 years, 11 months ago

Income tax: These 5 cash transactions may attract I-T notice. Details here

Live Mint  

Income tax department has become highly vigilant against cash transactions these days. Advising taxpayers to report high value cash transaction in one's income tax return ; Amit Gupta, MD at SAG Infotech said, "If an individual makes high-value cash transactions, there are chances that he or she might get a notice from Income Tax Department. On top 5 cash transactions …

Making a big cash payment? Know the tax rules
3 years, 5 months ago

Making a big cash payment? Know the tax rules

Live Mint  

My daughter is getting married in November 2021, I need to pay the booking amount to the hotel, and other parties. Can I pay this entire amount in Cash as I have some excess cash lying with me or is there any restriction on cash payment? 2,00,000 or more, from a person in a day or in respect of a …

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