Section 269ss of income tax act 1961

Unaccounted cash representing concealed income, in many occasions, when found by the income tax authorities, the tax payers. Tax act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269ss, then a penalty equivalent. Section 269ss and 269t deals with restrictions on taking cash. Applicability of section 269ss and 269t indian tax updates. Currently, the relevant threshold under the income tax act, 1961 is rupees twenty. Earlier, provisions under sections 269ss and 269t of the income tax act, 1961 were included in the act. 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. 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, mode of repayment of certain loans or. Amount of loan or deposit, including interest amount, is rs. Decoding rbis clarification on disbursal of loan in cash vinod. 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. Section 271d of income tax act 1961 provides that if a loan or deposit or specified sum is accepted in.

Mode of taking or accepting certain loans, deposits and specified sum. Most of the transactions in india are done in cash specially real estate transactions as a tactic to evade the income tax, as cash transactions are difficult to track by the department. Applicability of section 269ss and 269t of income tax act. Incometax department under section 279 and there are sufficient. Such other persons or class of persons or receipts, which the government may, by notification official gazette, specify. Situations when no penalty is levied under section 271e or 271d of the income tax act, 1961. Section 269ss and 269t deals with restrictions on taking cash loan of rs. 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 269t of income tax act mode of taking or accepting. 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. Provisions of section 269ss and 269t under income tax act. 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 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. Income tax provisions of section 269ss and section. 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. For section 269ss of the income tax act, the following section shall be substituted with effect from the 1st day of june, 2015, namely.