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CA Mayur J Sondagar | Jul 16, 2021 | Views 1834491

CHART SUMMARY OF LIMIT OF AMOUNT OF CASH TRANSACTION UNDER INCOME TAX

CHART SUMMARY OF LIMIT OF AMOUNT OF CASH TRANSACTION UNDER INCOME TAX

Section No. Particular Limits (Rs.) What if Limit Crossed
13A(d) Donation Received by Political Parties            2,000 Exemption Disallowed
35AD Deduction in respect of expenditure on specified business          10,000 Deduction Disallowed
40A(3) Expenses or payments not deductible in certain circumstances          10,000 Deduction Disallowed
Payment made for plying, hiring or leasing goods carriages          35,000 Deduction Disallowed
(Exception Rule 6DD)
43(1) Expenditure for Acquisition of any Asset          10,000 Not to be Included in Actual Cost
80D(2B) Deduction in respect of Health Insurance Premium  NIL Deduction Disallowed
(Exception Preventive Health Check-up)
80G(5D) Deduction in respect of donations to certain funds, charitable institutions            2,000 Deduction Disallowed
80GGA(2A) Deduction in respect of certain donations for scientific research or rural development            2,000 Deduction Disallowed
80GGB Deduction in respect of contributions given by companies to political parties  NIL Deduction Disallowed
80GGC Deduction in respect of contributions given by any person to political parties  NIL Deduction Disallowed
269SS Mode of taking or accepting certain loans, deposits and specified sum          20,000 100 % Penalty As per S.271D
(Exception if both are having agricultural income & neither of them has any taxable income)
269T Mode of repayment of certain loans or deposits.          20,000 100 % Penalty As per S.271E
269ST Mode of undertaking transactions (Other Cash Transations)      2,00,000 100 % Penalty As per S.271DA
194N Cash withdrawal from Banks/Post Office  1 Crore TDS @ 2 % if ITR Filed for 3 Preceeding Years
 20 Lakh TDS @ 2 % if ITR Not Filed for 3 Preceeding Years
 1 Crore TDS @ 5 % if ITR Not Filed for 3 Preceeding Years
44AB(a) Threshold Limit for Audit of Accounts increased to Rs.10 Crore if cash transactions do not exceed 5 % 10 Crore Liable for Audit u/s 44AB
The payment or receipt, as the case may be, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be in cash

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2 responses to “CHART SUMMARY OF LIMIT OF AMOUNT OF CASH TRANSACTION UNDER INCOME TAX”

  1. Gaurav says:

    It’s very useful 👍

  2. Devendra Nath Gupta says:

    Chart is useful

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