The Income Tax Act, 1961 in India had various provisions related to cash transactions to curb black money and promote transparency in financial transactions. Please note that tax laws and limits can change over time, here were some important cash transaction limits and provisions under the Income Tax Act:
The Central Board of Direct Taxes (CBDT) has resolved more than 46,000 public grievances and 7,000 grievance appeals between December 2022 and July 2023 under its Special Campaign 2.0 for Swachhata and disposal of pending matters. The campaign was launched on December 1, 2022, with the aim of cleaning up the tax administration and disposing…
The Central Board of Direct Taxes (CBDT) has released the fifth annual APA report on September 1, 2023. The report highlights the achievements of the APA programme in the financial year 2022-23. One of CBDT’s key efforts for advancing an investor-friendly and non-adversarial tax system in India is the Advance Pricing Agreement (APA) program. Since…
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