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1. 100% penalty on cash transaction over ₹ 2 lakh (originally it was proposed as 3 lakh) from April 1, 2017 - Loksabha Passed the Finance Bill, 2017 today i.e. 22-3-2017

2. Cash sale of the agricultural produce by its cultivator to the trader for an amount less than ₹ 2 Lakh will not attract disallowance, any penalty or PAN

3. Applicability of TCS where the bill amount is exceeding ₹ 2 lakhs and when part of the bill is paid in cash and part through cheque - CBDT clarifies

4. Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any...

5. Valuation - related party transaction - The transaction of ₹ 5 lakhs as loan on payment of interest cannot be the reason for holding partnership and private...

6. Refund of amount deposited as pre-deposit - It stands clear that appellant is entitled for refund of ₹ 15 Lakhs as were paid in cash by him at the time of the...

7. All persons (other than Individuals) entering into a transaction of ₹ 2.50 Lakhs or more shall be required to obtain PAN including its key persons (officers)

8. Levy of penalty in case of professional or other misconduct - minimum penalty reduced from ₹ 10 lakh rupees to 5 lakh rupees - Section 132(4) of the Companies Act, 2013

9. Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

10. GST Revenue collection in the month of April 2018 exceeds ₹ 1 Lakh Crore