TAX BENEFITS TO TELANGANA & ANDHRA PRADESH

INCOME TAX BENEFITS TO TELANGANA & BACKWARD AREAS OF ANDHRA PRADESH

With both Houses of Parliament havingtelangana passed the Andhra Pradesh Reorganisation Bill,2014, Telangana eventually become the newest 29th State of the Indian Union. After sixty years of tenacious struggle the people of the Telangana region have, defying all odds and sacrificing countless precious lives, been able to secure for themselves a separate State. This is indeed of historic importance and the people of Telangana are justifiably feeling jubilant. Continue reading

Cash transactions in immovable property u/s 269SS & 269T

One Step ahead to curb black money by covering cash/bearer cheque transactions in purchase/sale of immovable property u/s 269SS & 269T

The existing provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit if the amount of such loan or deposit is Rs.20,000/- or more, except through account payee cheque or account payee demand draft or through online transfer through a bank account.

However, certain exceptions have been provided in the section.

Similarly, the existing provision contained in the section 269T of the Income-tax Act provide that any loan or deposit shall not be repaid if the amount of loan or deposit is Rs.20,000/- or more except through account payee cheque or account payee demand draft or through online transfer through a bank account.

In order to curb generation of black money by way of dealing in cash w.r.t immovable property transactions it is proposed to amend section 269SS, of the Income-tax Act so as to provide that no person shall accept from any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer amount of such loan or deposit or such specified sum is Rs.20,000/- or more, except otherwise than by an account payee cheque or account payee demand draft or by electronic clearing system through a bank account. Continue reading