Provisions of section 269ss and 269t under income tax act. Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. Transactions relevant sections under income tax act. Mode of taking or accepting certain loans, deposits and specified sum. Section 269uc of income tax act restrictions on transfer of immovable property section 269uc. 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 269st of the incometax act, 1961 slideshare. Section 269ab 269b of income tax act registration of. Interpretation part ii imposition and general characteristics of the.
The provisions of this chapter shall not extend to the state of jammu and kashmir. Sections covering cash transactions in income tax act. Section 269ss and 269t deal with the cash payment and repayment of. This includes levy, collection, administration and recovery of. The income tax act was enacted in the year 1961 and is the statute under which everything related to taxation is listed. Download the list of sections of income tax act, 1961 in pdf and excel format. Section 269st is introduced by finance act, 2017 with effect from 01.
Also, a new section 271da is inserted under income tax act after sec. Requirement as to mode of acceptance payment or repayment in certain cases to counteract evasion. Penalty for failure to comply with the provisions of section. All about the new section 269su of the income tax act, 1961. Cbdt notifications reg exemptions from prohibition of cash. As per section 271da of income tax act, if a person receives any sum in contravention any of the provisions. If you continue, tabs opened first shall be closed. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Home income tax sections list of income tax act 1961. Chapter not to extend to state of jammu and kashmir march 7, 2018.
Download the list of sections of income tax act,1961 in pdf and excel format. Section is much talked about section as it provides penalty for any cash transaction above the value of rs. According to section 273b of the income tax act, 1961, there is no penalty levied on an individual if. Markets have corrected, its the best time to invest in mutual funds and save 46,800 in taxes a year. Complete list of sections of income tax act, 19612019 aubsp. Chapter i1 to 3 1 short title, extent and commencement.
Section 269ua definitions incometax act, 1961 section 88 rebate on life insurance premia, contribution to provident fund, etc. Income tax section 269su additional epayment facilities mandatory for business having turnover more than. Section 269r, 269rr and 269s of income tax act 1961. Section 269b of income tax act competent authority. Income tax provisions of section 269ss and section. The finance act, 2015 amended section 269ss and section 269t to include transactions in. Applicability of section 269ss and 269t of income tax act. Get all the details about income tax act, 1961 section wise, chapters wise and all income tax act rules. Provisions of section 269ss and 269t under income tax act 1961. Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the. Income from other sources section 56 introduction income that is taxable under the income tax act 1961 act shall fall under the head income from other source if it is not chargeable under any other heads of income. These provisions were inserted by the finance act 2017 to prohibit specified.
Applicability of section 269ss and 269t indian tax updates. Brief study of section 269st of income tax act, 1961. Section 269ss, incometax act, 19612014 chapter xxb requirement as to mode of acceptance, payment or repayment in certain cases to counteract evasion of. For section 269ss of the income tax act, the following section shall be substituted with effect from the 1st day of june, 2015, namely. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1. Section 269ss and 269t of income tax act,1961 been explained in the article. Section 269ss and 269t of income tax act, 1961 been explained in the article. Section 56 of income tax act, 1961 section 56 updates. 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. Shah in the recent times, the modi government has made attempts to curb. Provisions of section 269ss and 269t under income tax act finance is the important part and need of every business.
Pdf cash transactions under income tax act firdosh. Section 269ss and 269t deals with restrictions on taking cash loan of rs. For section 269ss of the incometax act, the following section shall be substituted with effect from the 1st day of june, 2015, namely. In exercise of powers conferred by sections 200 and 203 read with section 295 of the incometax act, 1961 43 of 1961, the central board of direct taxes hereby makes the following rules further to.
List of sections of income tax act 1961 download pdf. Section 29 of income tax act 19612017 provides special provision for income from profits. 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. Given income tax act sections list includes revised, omitted and newly added tax rules. A complete guide about income tax act, 1961 in india. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act. This act may be cited as the income tax act chapter 23. Such provisions regulating the mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269ss and 269t of the income. Act 53 arrangement of sections income tax act 1967 part i preliminary section 1. Analysis of section 269st of the incometax act, 1961 ca nemish j. Download cleartax app to file returns from your mobile phone. 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. Section 269st basic provisions as per income tax act. The finance act, 2015 amended section 269ss and section 269t to include transactions in immovable property in order to curb black money circulation.
Section 269ss and 269t deals with restrictions on taking cash. Definitions in this chapter, unless the context otherwise requires, agreement for transfer means an agreement, whether registered under the. Section 292b of it act can be resorted to overcome. 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. 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. Chapter xxa acquisition of immovable properties in certain cases of transfer to counteract evasion of tax. Situations when no penalty is levied under section 271e or 271d of the income tax act, 1961. Section 80c deduction in respect of life insurance premia. Ca vinay kawdia has examined the entire law applicable to sections 269st and 271da of the incometax act, 1961. Rebate of incometax in case of individuals of sixtyfive years or above omitted. Text of remaining provisions of allied acts referred to in income tax act 1. Chapter not to extend to state of jammu and kashmir.