Income Tax Queries

watch_later 10 months ago


1.A person finicial years 2016-2017,2017-2018,2018-2019(3 years) income tax return filed accepted at present for the purpose of bank loan.

2.a registered trader goods purchases paid on cash  and all exepenses paid on cash limit  under gst and i.t.act.

3.A person (son) cash gift received from another person(father) Rs.150000/-*3 times=Rs.450000/-by cash mode one finicial year  received  provision sec 269st applicable or not.


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1 Answer

Mukesh Solanki watch_later 9 months, 2 weeks ago


1. Usually bank accepts 3 years financial statements, ITR but it also ask for 5 years in some big cases.

2. For cash purchases limit U/s 40A(3) is applicable ie., Rs.10000 per day per party

3. Section 269 ST is applicable transaction wise or event wise, so if the same is on different dates then there shall not be any problem. However it can always be argued by the officer that the 3 transactions connected & it will be considered as a single transaction.


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