Restrictions on Cash Transactions

Book Details

Chapter
1 Introduction	1
2 Different stages of Evolution of Money	8
3 Restrictions on Political Parties [Section 13A]	13
4 Disallowance of Depreciation under Section 32 on Cash Payments [Second proviso to Section 43(1)]	22
5 Disallowance of Expenditure on Specified Business - Cash payments [Section 35AD(8)(f)]	24
6 Disallowance for Cash Payments exceeding Prescribed Limit [Section 40A(3)]	25
7 If an expense is Recorded in the Prior Year but paidfor in the Next Year [Section 40A(3A)]	81
8 Incentives to encourage Cashless Business Transactions[Sections 44AB & 44AD]	89
9 Cash Transactions in Tax Audit Report - Reporting Requirement	95
10 Unexplained Cash Attracts Section 69A	99
11 Restrictions on Amount Borrowed or Repaid on Hundi [Section 69D]	111
12 Restrictions on Income Tax Deductions [Chapter VIA]	126
13 Compulsorily filing of Income Tax Return [Seventh proviso to section 139(1)]	129
14 TDS from Cash Withdrawal Exceeding Rs. 1 Crore from Banks or Co-operative Bank or Post Office [Section 194N]	132
15 Prohibition on Acceptance of Cash Loans,Deposits, etc. [Section 269SS]	150
16 Restrictions on Cash Transactions [Section 269ST]	182
17 Mandating acceptance of Payments through prescribed Electronic Modes [Section 269SU]	190
18 Prohibition on repayment of Loans or Deposits in Cash [Section 269T]	196
19 List of High Value Cash Financial Transactions reported to Income Tax Department	213
20 Compliances in respect of Cash Transactions[Section 285BA read with rule 114E]	219
21 Cash Deposits in Banks	222
22 Treatment of Cash Gifts	262
23 Treatment of Cash Sales	268
24 Cash Discount	285
25 Payment of on-Money for Purchase of Property	289
26 Cash Transactions under GST	301
27 Cash Restrictions on Charitable Trusts	303
28 Cash transactions in Agricultural Sector	310
29 Treatment of Cash found during Search Operation	327
30 Cash Book - Test to be Satisfied	349
31 Cash in Hand : Test to be Satisfied	358
32 Negative Cash Balance	364
33 Accounting methods for Income Tax Calculation [Section 145]	371
34 Demonetisation	381
35 Assessment of Cash Deposits in Operation Clean Money (OCM) Cases	406
36 Revision of orders under Section 263 of the Income Tax Act,1961 over unexplained Cash Deposit	442
37 Penalty for Failure to Comply with the Provisions of Section 269SS [Section 271D]	455
38 Penalty for Failure to provide Facility to Pay Through Prescribed Electronic Modes [Section 271DB]	521
39 Penalty for Failure to Comply with the Provisions of Section 269T [Section 271E]	525
40 Prosecution Proceedings	539

About the Author

Ram Dutt Sharma

Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and retired as Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at NADT Regional Campus, Chandigarh & Bhopal. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.

He is recipient of first-ever Finance Minister's Award 2017, the Income Tax Departments highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon'ble Union Finance Minister, Shri ArunJaitley conferred this Finance Ministers Award for Excellence for his meritorious services at VigyanBhawan, New Delhi on 24.07.2017.

Awarded by Hon'ble Member (Revenue& TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter Miscellaneous Orders in Let Us Share A compilation of Best Practices & Orders Vol. VIII released on 31stOctober, 2016.

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