TMI BlogMEASURES FOR PROMOTING LESS CASH ECONOMY - Prescription of electronic mode of paymentsX X X X Extracts X X X X X X X X Extracts X X X X ..... ic clearing system through a bank account, for the purpose of exemption of such donation. Section 35AD of the Act provides that the term any expenditure of capital nature shall not include any expenditure in respect of which the assessee makes payment (or an aggregate of payments) exceeding rupees ten thousand to a person in a day through any mode other than an account payee cheque or an account payee bank draft or using the electronic clearing system through a bank account. Section 40A of the Act provides for disallowance of any expenditure for which the assessee makes payment (or an aggregate of payments) exceeding rupees ten thousand through any mode other than an account payee cheque or an account p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act relates to presumptive taxation scheme for eligible businesses and provides that in case of an assessee engaged in an eligible business shall be eligible to avail the benefit of the presumptive taxation scheme if the profit from such business is declared at at the rate of eight per cent. or higher of the total turnover or gross receipts in the previous year from such business. The proviso to sub-section (1) of the said section provides that the eligible assessee can opt for the presumptive taxation scheme if he declares profit at the rate of six per cent. or higher of turnover received through an account payee cheque or an account payee bank draft or the use of electronic clearing system through a bank account. Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... draft or by use of electronic clearing system through a bank account. Section 269ST of the Act prohibits a person from receiving an amount of rupees two lakh or more in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion from a person otherwise than by an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account. Section 269T of the Act prohibits a banking company or a co-operative bank and any other company or co-operative society and any firm or other person from repaying any loan or deposit made with it or any specified advance received by it, in any mode other than ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
