How to select a seat in Korean Airlines ?

While travelling overseas with Korean Air, it is essential to take a quick look at the aspect of inflight assistance such as Korean Air seat selection, cabin configuration, and meals & beverages. Surely you can make your air travel office experience the utmost with peace of mind when you already know these essential details.

The Act recognizes that cash transactions are an important part of the economy and are used in a variety of transactions, ranging from day-to-day purchases to large-scale business transactions. However, the Act also recognizes that cash transactions can be used to evade taxes and conceal income. Therefore, the Act provides for various provisions that regulate cash transactions and ensure that they are properly accounted for.

In this blog, we will discuss the provisions related to cash transactions under the Income Tax Act, 1961.

1. Section 40A(3): This section provides that any cash expenditure above Rs. 10,000 in a single day, in respect of any expenditure incurred in the course of business, cannot be claimed as a deduction while calculating taxable income. This means that if a business pays more than Rs. 10,000 in cash for any single expense, it cannot deduct that amount from its taxable income.
2. Section 269SS: This section prohibits any person from taking or accepting any loan or deposit of more than Rs. 20,000 in cash. If a loan or deposit is taken or accepted in cash, it will be treated as income and taxed accordingly.
3. Section 269T: This section prohibits any person from repaying any loan or deposit of more than Rs. 20,000 in cash. If a loan or deposit is repaid in cash, it will be treated as income and taxed accordingly.
4. Section 269ST was introduced in the Income Tax Act, 1961 with the aim of curbing black money and promoting digital transactions. As per this section, no person can receive an amount of Rs. 2 lakh or more in cash in a single day, in respect of a single transaction or in respect of transactions relating to one event or occasion from a person.
5. Section 194N: This section was introduced in the Finance Act, 2019 and provides for TDS (tax deduction at source) on cash withdrawals. Under this section, any individual who withdraws cash from a bank or post office account in excess of Rs. 1 crore in a financial year will be subject to TDS at the rate of 2%.
6. Reporting of high-value transactions: The Income Tax Act, 1961, requires banks and financial institutions to report high-value transactions to the income tax department. Any cash transaction above Rs. 10 lakhs in a year needs to be reported to the department. Similarly, any non-cash transaction above Rs. 30 lakhs in a year needs to be reported.

These provisions ensure that cash transactions are properly accounted for and prevent tax evasion through the use of cash. It is important to note that these provisions apply to both individuals and businesses and failure to comply with these provisions can result in penalties and prosecution.

In conclusion, the Income Tax Act, 1961 provides for various provisions that regulate cash transactions and ensure that they are properly accounted for. While cash transactions are an important part of the economy, it is important to comply with these provisions to avoid penalties and prosecution.