Cash transaction limit as per the new law in India
- 5 years ago
Cash transaction limit as per Income Tax Act in India
Under Income Tax Act there are various provisions which restrict cash transactions by following ways:
1:30 Restriction Through Disallowance
2:15 Section 35AD- Deduction in respect of expenditure incurred on setting up of a specified business
2:32 No deduction is allowed for cash payments exceeding Rs.10,000/- for an expenditure or an allowance claimed under business head.
3:01 In case of payment made for plying, hiring or leasing goods carriages, the limit stands enhanced to Rs. 35,000/-
3:16 Deductions under chapter VI –A
3:22 Section 80D :
3:23 Deduction for Medical Insurance & Health Check up
3:25 No deduction u/s 80D is allowable if paid in cash other than preventive health check-up expenditure.
3:44 Section 80G:
3:47 Deduction on Donation to Charitable Institutions
Deduction in respect of donation exceeding *Rs.2, 000/- is allowable where such sum is paid by any mode other than cash.
4:03 Section 80GGA :
4:04 Deduction for Donation for R&D
4:07 Deduction in respect of donation for scientific research or rural development exceeding Rs. 10,000/- is allowable where such sum is paid by any mode other than cash.
4:20 Section 80GGB
4:25 Contribution by Companies to Political Parties.
4:26 Deduction in respect of contribution given by companies to political parties is allowable where such sum is paid by any mode other than cash.
4:34 Section 80GGC-
4:37 Deduction for Donation to Political Parties. (Other than companies).
4:40 Deduction in respect of contribution given by any person to political parties is allowable where such sum is paid by any mode other than cash.
4:55 Section 68- Cash Credits
6:07 Section 69- Unexplained Investments
6:39 Section 115 BBC- Anonymous Donations
Restrictions through penalties
7:28 Section 269SS – Mode of Taking or Accepting certain Loans and Deposits
8:25 Section 269ST- Penalty on cash receipt of more than two lakhs
9:40 Section 269T- Repayment of loan in cash
Income Tax Department to issue notice where cash transaction is above Rs 20,000 in Property Purchase.
11:47 Restriction through providing for incentivizing non-cash transactions
TDS on Cash Withdrawal: TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.
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#Cashtransaction
#incometaxact
#tsdonCashtra
Under Income Tax Act there are various provisions which restrict cash transactions by following ways:
1:30 Restriction Through Disallowance
2:15 Section 35AD- Deduction in respect of expenditure incurred on setting up of a specified business
2:32 No deduction is allowed for cash payments exceeding Rs.10,000/- for an expenditure or an allowance claimed under business head.
3:01 In case of payment made for plying, hiring or leasing goods carriages, the limit stands enhanced to Rs. 35,000/-
3:16 Deductions under chapter VI –A
3:22 Section 80D :
3:23 Deduction for Medical Insurance & Health Check up
3:25 No deduction u/s 80D is allowable if paid in cash other than preventive health check-up expenditure.
3:44 Section 80G:
3:47 Deduction on Donation to Charitable Institutions
Deduction in respect of donation exceeding *Rs.2, 000/- is allowable where such sum is paid by any mode other than cash.
4:03 Section 80GGA :
4:04 Deduction for Donation for R&D
4:07 Deduction in respect of donation for scientific research or rural development exceeding Rs. 10,000/- is allowable where such sum is paid by any mode other than cash.
4:20 Section 80GGB
4:25 Contribution by Companies to Political Parties.
4:26 Deduction in respect of contribution given by companies to political parties is allowable where such sum is paid by any mode other than cash.
4:34 Section 80GGC-
4:37 Deduction for Donation to Political Parties. (Other than companies).
4:40 Deduction in respect of contribution given by any person to political parties is allowable where such sum is paid by any mode other than cash.
4:55 Section 68- Cash Credits
6:07 Section 69- Unexplained Investments
6:39 Section 115 BBC- Anonymous Donations
Restrictions through penalties
7:28 Section 269SS – Mode of Taking or Accepting certain Loans and Deposits
8:25 Section 269ST- Penalty on cash receipt of more than two lakhs
9:40 Section 269T- Repayment of loan in cash
Income Tax Department to issue notice where cash transaction is above Rs 20,000 in Property Purchase.
11:47 Restriction through providing for incentivizing non-cash transactions
TDS on Cash Withdrawal: TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.
https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz
Follow me on Social Media:
1. Facebook : https://www.facebook.com/tax4wealth
2. Linkedin : https://www.linkedin.com/in/tax4-wealth-4aa2b718b/
3. Twitter : https://twitter.com/tax4wealth
4. Tumblr : https://tax4wealth.tumblr.com/
5. Pinterest : https://in.pinterest.com/tax4wealth/pins/
6. Medium : https://medium.com/@bhartichawla27
Google Play Store
https://play.google.com/store/apps/details?id=com.future.hellotaxindia&hl=en_IN
▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾
➨ Website:https://tax4wealth.com/
➨ Writes to us: tax4wealth@gmail.com
▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾
#Cashtransaction
#incometaxact
#tsdonCashtra