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Commentary
As amended up to the Finance (No.2) Act, 2019
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Introduction
1.1 Need for restrictions on cash transactions - Cash facilitates black money by leaving no audit trail
1.2 Provisions inserted in the Act by the Finance Act, 2015 to disincentivise use of large amounts of cash in property deals
1.3 Provisions inserted in the Act by Finance Act, 2017 to disincentivise cash dealings and promote cashless
1.4 Amendment of Payment of Wages Act, 1936 w.e.f. 28-12-2016 by Payment of Wages (Amendment) Act, 2017
1.5 Legal Restrictions or limitations on cash dealings
1.6 Measures for promoting less cash economy introduced by the Finance (No. 2) Act, 2019
Mode of receiving monies and accepting payments
2.1 Restrictions on accepting large payments in cash applicable generally to all persons
2.2 Restrictions on receiving cash donations by political parties [Section 13A] - Transparency in political funding
2.3 Measures for promoting digital payments in case of small unorganized businesses
2.4 Benefits of accepting cashless payments in property deals - Sections 43CA and 50C
2.5 Mandating acceptance of payments through prescribed electronic modes in case of a every person carrying on business whose turnover exceeds Rs. 50 crores
2.6 Acceptance of monies/consideration for private placement by companies
2.7 Acceptance of monies/consideration in RERA - Registered real estate projects by builder/developer
Mode Of Undertaking Transactions
3.1 Ingredients of section 269ST
3.2 Whether section 269ST relieves person receiving payment from complying with TCS/section 13A etc.
3.3 Persons to whom section 269ST shall apply
3.4 Receipts to which section 269ST shall apply
3.5 Permissible modes of accepting payments
3.6 How to reckon the limit of Rs. 2,00,000
3.7 Effective date of 1-4-2017
3.8 Transactions covered by section 269SS
Mode of taking or accepting certain loans, deposits and specified sum
4.1 Mode of taking or accepting certain loans, deposits and specified sum [Section 269SS]
4.2 Specified modes
4.3 'Loan or deposit'
4.4 'Specified sum'
4.5 'Transfer'
4.6 'Immovable property'
4.7 How to compute the limit of Rs. 20,000
4.8 What if one plot/flat is booked in joint names and another booked in solo name
4.9 Penalty for contravention under section 271D
4.10 Other provisions applicable to property dealings
Measures to encourage small business to accept digital payments-section 44AD
5.1 Measures for encouraging small unorganized businesses to accept digital/cashless payments
5.2 Conditions to be satisfied to avail concessional 6% presumptive rate of profit
5.3 Disincentives for cash turnover
5.4 Disincentives for cash turnover
Incentivising receipt of payment through non-cash modes in property deals
6.1 Stamp duty value on date of ATS will be compared with consideration in sale deed if cashless payment of part consideration made on or before date of ATS
6.2 Agreement to sell and sale deed must comply with section 269SS also
Mode of acceptance of donations by political parties
7.1 Restrictions on receiving cash donations by political parties [Section 13A] - Transparency in political funding
7.2 Restrictions on taking anonymous donations through whatever mode except electoral bonds
7.3 Companies can't donate in cash to political parties nor can parties accept cash donations from companies
7.4 Reduction of limit under section 40A(3) from Rs. 20,000 to Rs. 10,000
7.5 Deduction in respect of health insurance premia and medical expenditure - Section 80D
7.6 Mode of repayment of certain loans or deposits-Section 269T
7.7 Hundi Transactions - Section 69D
Mandating acceptance of payments through prescribed electronics modes if turnover of business entity exceeds 50 crores
8.1 Mandating acceptance of payments through prescribed electronic modes if business entity's turnover exceeds Rs. 50 crores [Sections 269SU and 271DB]
8.2 Conditions to be fulfilled for applicability of section 269SU
8.3 Is Section 269SU applicable to DPIIT - Recognised startups
8.4 'Total sales, turnover or gross receipts'
8.5 Distinction between 'turnover' and 'total sales'
8.6 ICAI's views on 'turnover'
8.7 Items to be excluded/deducted from 'turnover'
8.8 Items to be included/not to be deducted from 'turnover'
8.9 Indirect taxes collected/collectible - Whether part of turnover
8.10 'Gross Receipts' of business - ICAI's Views
8.11 Items to be included in 'gross receipts'
8.12 Items not to be included in 'gross receipts'
Payment of wages by cheque or ECS or prescribed electronic modes
9.1 Payment of Wages by Cheque or direct account transfers is allowed and beneficial to both employer and employee
9.2 Less cash handling, less cash withdrawal and avoiding deduction of 2% TDS under section 194N on large cash withdrawals from bank account
9.3 Paying wages by account payee cheque or bank draft or ECS or prescribed electronic mode helps claiming deduction u/s 80JJAA
Disincentives/penalties applicable to payers of cash
10.1 Denial of deductions to donors who make donations in cash
10.2 Cash Political donations by Companies barred
10.3 Limits on capital expenditure that can be incurred by cash without losing depreciation/investment-linked incentives
10.4 No deduction for any expenditure in respect of which cash payment/(s) to a person in a day exceed the
10.5 Deduction in respect of health insurance premia and medical expenditure - Section 80D
10.6 Mode of repayment of certain loans or deposits-Section 269T
10.7 Hundi Transactions - Section 69D
ITR to be furnished by person making large cash deposits in bank in current account
11.1 ITR be filed by person making large cash deposits in current account even if his taxable income does not exceeds threshold exemption limit
11.2 Small traders should adopt cashless/digital modes of receiving and making payments to reduce compliance burden
Restrictions applicable to withdrawal of cash from bank
12.1 TDS on huge cash withdrawals - Section 194N
12.2 Use crossed cheque, ECS and prescribed electronic modes for making payments to avoid 2% TDS on cash withdrawals from bank and blockage of funds