1. As per Sec 13A, if donation is received by political parties in cash exceeding Rs 2000, exemption shall not be available to them.
2. Deduction U/S 35AD shall not be allowed if cash payment exceeds Rs 10,000.
3. Deduction of insurance premium U/S 36, health insurance premium U/S 80D, contribution to political parties U/S 80GGB and GGC shall not be allowed if payment is made in cash.
4. Payment of expenses in cash exceeding Rs 10,000 shall not be allowed as a deduction (Sec 40A(3)).
5. Payment for capital expenses in cash exceeding Rs 10,000 shall be ignored for calculation of actual cost of asset (Sec 43(1)).
6. Presumptive profit will be deemed at 6% instead of 8% in respect of the amount of total turnover or gross receipts which is received through the banking channel. (Sec 44AD).
7. Contribution to charitable institutions in cash exceeding Rs 2,000 shall not be eligible for deduction U/S 80G.
8. No deduction shall be allowed U/S 80GGA if contribution is paid in cash in excess of Rs.10,000.
9. Banks/ Post office will deduct tax @ 2% on the cash payment to any person on the amount exceeding 1 Cr (If return not filed 2%-20L to 1cr and 5% thereafter). Sec 194N.
10. Penalty U/S 269SS and T of equal amount for accepting and repaying loan in cash of Rs 20,000 or more.
11. Penalty U/S 269ST of equal amount for receipt of Rs 2 L or more in cash from a person in a day or in respect of a single transaction or relating to one event or occasion.
No comments:
Post a Comment