The Income Tax Department has made available a new statement for taxpayers, which contains more information regarding financial transactions of taxpayers than the existing Form 26AS which can significantly ease the income tax return (ITR) filing process for them. 

The new statement known as Annual Information Statement (AIS) is a comprehensive statement and provides additional information linked to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information and other such transactions so that the taxpayer does not miss out on reporting any such transaction in his/her ITR. 

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Understanding the new Section 269ST of the Income Tax Act, 1961

INR 3 lakhs ceiling on cash transactions

In the Union Budget, 2017, Finance minister Mr. Arun Jaitley had emphasised the need to address black money formation and had proposed a ban on cash transactions over INR 3 lakhs.

To enforce this, a new section 269ST has been proposed in the Income-tax Act, 1961.

This new Section states that no person shall receive an amount of INR 3 lakhs or more from another person in a single day, for a single transaction, in any other form other than a cheque, bank draft or an electronic bank transfer.

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