Penalty for failure to comply with the provisions of section. According to section 273b of the income tax act, 1961, there is no penalty levied on an individual if heshe fails to obey the inclusions of section. Latest income tax act sections list has been provided for finance people. Provisions of section 269ss and 269t under income tax act. Section 269ss and 269t of income tax act, 1961 been explained in the article. Income tax provisions of section 269ss and section. Section 271d of income tax act 1961 provides that if a loan or deposit or specified sum is accepted in contravention of the provisions of section. Income of individual to include income of spouse, minor child, etc. Income tax act 1961 section 269 to schedules, indian bare acts at, a website for indian laws and bareacts, legal advice and law documents in india. Section 269ss and 269t deal with the cash payment and repayment of loans and. For meaning of the term assessee, see taxmanns direct taxes manual, vol.
Transactions relevant sections under income tax act. After section 269ss of the incometax act, the following section shall be inserted, namely. Any corporation established by a central, state or provincial act. List of sections of income tax act 1961 download pdf. Section 115 in the income tax act, 1995 5 1 the forms and modes of investing or depositing the money referred to in clause b of sub section 2 shall be the following, namely. Download the list of sections of income tax act, 1961 in pdf and excel format. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. One more step has been taken by the government towards digital and cash less economy by inserted a new provision namely section 269su in income tax act, 1961 which provides that every person having turnover, sales or gross receipts, as the case may be, in business exceeds 50 crore rupees specified person during immediately preceding previous year shall mandatorily provide facilities for accepting payments through prescribed electronic modes. For section 269ss of the incometax act, the following section shall be. Complete list of sections of income tax act, 19612019 aubsp. Section 271d of income tax act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269ss then a penalty equivalent to the amount of such loan or deposit may be levied by the joint commissioner. Penalty for failure to comply with the provisions of section 269ss. Section 269t of the income tax act prohibits an individual to repay the deposit or specified sum, or loan otherwise than by a bank draft of an account payee or account payee cheque, or through electronic clearing system of a bank account, if.
Mode of taking or accepting certain loans, deposits and specified sum. The finance act, 2015 amended section 269ss and section 269t to include transactions in. Special provision relating to incomes of political parties. As per section 247 of income tax act, 1961, unless the context otherwise requires, the term transfer, in relation to a capital asset, includes the sale, exchange or relinquishment of the asset. Clarification on newly inserted section 269su of income. Income tax act rules list 2019 has been provided for tax payers which includes revised and newly added tax rules. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act, 1961 as amended by the. For section 269ss of the income tax act, the following section shall be substituted with effect from the 1st day of june, 2015, namely. Section 269ss and 269t deals with restrictions on taking cash. Penalty under section us 271d the incometax act, 1961 the act is imposed upon contravention of provisions of section 269ss of the act.