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Crucial update in relation to Bank Account Validation in GST Portal. If Taxpayer fails to Add / validate Bank Account details in GST portal then a Taxpayer will not be able to file GSTR 1 or IFF return.

Loss out born from Sale of Govt Securities by Bank is Business Loss: ITAT allows Income Tax Deduction #bank #BusinessInsights #incometax #taxscan #taxnews Read More: https://lnkd.in/gtcgYurn

Given all the confusion in taxation and the number of people involved in enforcing taxpay, I feel the govt can mop up more revenue and do away with all the confusion by having a transaction tax and doing away with all the rest. Every banking transaction, whether thru digital banking or person to person, can be taxed at 1 percent. Imagine the ease of taxation and the huge revenue the govt can mop up through this procedure. RBI and FINMIN, are you reading?

💴1. Legal and Regulatory Reporting Cash Transaction Report (CTR): Banks are required to report any cash deposit exceeding ₹10 lakh (1 million) in a single day to the Financial Intelligence Unit (FIU-IND) as part of the Prevention of Money Laundering Act (PMLA). Suspicious Transaction Report (STR): Transactions that appear suspicious, regardless of the amount, are also reported. This includes frequent smaller deposits structured to avoid reporting thresholds. 💴2. Tax Implications Income Tax Reporting: Cash deposits that represent income must be reported to the Income Tax Department. Failure to do so can lead to penalties, interest, and potential criminal charges for tax evasion. High-Value Transactions: Post-demonetization, the government closely monitors high-value transactions. Large deposits may trigger scrutiny from tax authorities, especially if they do not align with your declared income. PAN Requirement: Deposits exceeding ₹50,000 in a single day require the depositor to provide their Permanent Account Number (PAN). 💴3. Financial Benefits Interest and Growth: Depositing cash in savings accounts or fixed deposits can help your money grow through earned interest. Liquidity: Having cash in a bank provides easy access to funds for emergencies or investments. 💴4. Personal Finance Management Budgeting and Tracking: Bank deposits make it easier to track your income and expenses, aiding in personal budgeting and financial management. 💴5. Creditworthiness: Regular deposits and maintaining a healthy bank balance can positively impact your creditworthiness, making it easier to obtain loans or credit in the future. Conclusion Depositing cash in a bank in India is a secure and beneficial practice, but it comes with regulatory and tax implications. Understanding these can help you manage your finances better and ensure compliance with laws and regulations. Always keep records of your deposits and consult with a financial advisor or tax professional if you handle large amounts of cash frequently. Stay informed and make wise financial decisions! #NaamuTax #Cash #Duedate #Incometaxreturnfiling #taxcompliance #taxfiling #IncomeTax #penalty #taxadvisor

💰 Cash Deposit Limits: Income Tax Rules, Penalties, and Savings Account Guidelines 💡 The Income Tax Department of India has established rules for cash deposits to ensure transparency and compliance. Here's what you should know: 🔹 Daily Deposit Limit Savings account cash deposits are capped at ₹1 lakh per day. 🔹 Annual Deposit Limits Savings Accounts: ₹10 lakh per financial year; exceeding this triggers reporting to the IT Department. Current Accounts: Limit is ₹50 lakh annually. 📄 PAN Requirement Deposits exceeding ₹50,000 require PAN card details. ⚠️ Penalties for Violations Depositing ₹2 lakh or more in a single day can attract a penalty equal to the transaction amount under Section 269ST. 🏦 TDS on Cash Withdrawals 2% TDS for withdrawals exceeding ₹1 crore annually. Non-ITR filers: 2% TDS on withdrawals above ₹20 lakh. 5% TDS on withdrawals over ₹1 crore. Understanding these rules ensures you avoid penalties and stay compliant. Stay informed and manage your finances wisely! 🚀✅ #FinanceTips #IncomeTax #CashDeposits #Compliance

Finance Act 2024 update - Taxability of long term capital gains in hands on non resident selling unlisted shares in India. The benefit of forex fluctuation and indexation has been taken away with a 25% increase in rate of tax, from 10% to 12.5%. For more such updates, follow up channel @nritaxtech on YT #FinanceBill2024 #Budget2024 #budget #incometax #capitalgainstax #parulaggarwal

The Reserve Bank of India's decision to switch from penal interest to penalty charges marks a significant shift towards transparency in lending practices. However, the implications of GST on these penalties present a new challenge for banks navigating regulatory changes. Understanding these complexities is crucial for financial institutions as they adapt to evolving norms and ensure compliance. Read more on the issue and stay informed about the latest developments in banking and finance. https://lnkd.in/dp4fY38i #RBI #Banking #Finance #RegulatoryChanges #GSTCompliance

Finance Act 2024 update - Taxability of long term capital gains in hands on non resident selling unlisted shares in India. The benefit of forex fluctuation and indexation has been taken away with a 25% increase in rate of tax, from 10% to 12.5%. For more such updates, follow up channel @nritaxtech on YT #FinanceAct2024 #Budget2024 #FinanceAct #incometax #capitalgainstax #parulaggarwal

Deposited over Rs 10 lakh in cash in your account? You can get I-T notice Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department. Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department. Banks and post offices are responsible for reporting such transactions. Certain high-value financial transactions in India can trigger scrutiny from tax authorities. Here is a checklist for you.... https://bit.ly/3Q8gYvZ #India #Banking #CashDeposit #IncomeTax Sunainaa Chadha Via business-standard.com