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Purchase of agriculture land

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Kollipara Sundaraiah

B.com

3025 Points Posted on 22 August 2022

it assessess purchase of agriculture land rs:36 lacs payment through on cash mode in f.y.21-22.
question:
assessess payment through on cash mode tax and penalty pay compulsory in it act.

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Quick Summary

This discussion addresses the tax implications of purchasing agriculture land for Rs. 36 lakhs paid in cash during FY 2021-22. It clarifies that such a transaction violates Section 269T and Section 269ST of the Income Tax Act. Consequently, the assessee will face compulsory tax and penalties for this breach.