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 Recei…
CA Mayur J Sondagar
Jul 16, 2021CHART 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 | |||
About Author
CA Mayur J Sondagar
Proprietor
Mumbai, Maharashtra, India
12Up Next
Loading suggestions…
Recent Posts
All Posts
Recent Posts
All Posts