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Ashtavakra Gita: Instruction on self realization (Text 1.9,1.10)

Posted on by Business So Simple in Miscellaneous
ASHTAVAKRA GITA   
               
Instruction on self realization 
                                  
Janaka  said 1.1
Master, how is knowledge to be achieved, detachment acquire, liberation attained?     

जनक उवाच – कथं ज्ञानमवाप्नोति,
कथं मुक्तिर्भविष्यति।
वैराग्य च कथं प्राप्तमेतद
ब्रूहि मम प्रभो॥१-१॥

वयोवृद्ध राजा जनक, बालक अष्टावक्र से पूछते हैं – हे प्रभु, ज्ञान की प्राप्ति कैसे होती है, मुक्ति कैसे प्राप्त होती है, वैराग्य कैसे प्राप्त किया जाता है, ये सब मुझे बताएं॥१॥   
         
 Ashtavakra said:

1.9

A single understanding:
” I am the One Awareness,”
Consumes all suffering
in the fire of an instant.
Be happy.
एको विशुद्धबोधोऽहं
इति निश्चयवह्निना।
प्रज्वाल्याज्ञानगहनं
वीतशोकः सुखी भव॥१-९॥
मैं एक, विशुद्ध ज्ञान हूँ, इस निश्चय रूपी अग्नि से गहन अज्ञान वन को जला दें, इस प्रकार शोकरहित होकर सुखी हो जाएँ॥९॥
1.10

You are unbounded Awareness —
Bliss, Supreme Bliss —
in which the universe appears
like the mirage of a snake in a rope.
Be happy.
यत्र विश्वमिदं भाति
कल्पितं रज्जुसर्पवत्।आनंदपरमानन्दः स
बोधस्त्वं सुखं चर॥१-१०॥

जहाँ ये विश्व रस्सी में सर्प की तरह अवास्तविक लगे, उस आनंद, परम आनंद की अनुभूति करके सुख से रहें॥१०॥


Series continue         
You are welcome for discussion on Saturday, 8.30 pm to 10 pm.

Happy Mahashivratri…To know shivtatva

Posted on by Business So Simple in Miscellaneous

जानिए शिवतत्त्व को ›

महाशिवरात्रि का महत्व

शिव तत्व जो भूमि के स्तर से कुछ इंच ऊपर होता है वही शिवरात्रि के दिन नीचे आकर भूमि को छू लेता है। यह पवित्र अवधि ध्यान करके एक गहरा समृद्ध आध्यात्मिक अनुभव प्राप्त करनेका सही समय है। यह आध्यात्मिक विकास और सांसारिक लाभ के लिए एक पवित्र दिन के रूप में माना जाता है।

आज शिवरात्रि के दिन, पदार्थ और चेतना का मिलन होता है| सूक्ष्म जगत और स्थूल जगत साथ में मिलते हैं और यही उत्सव है|

जब हम प्रकृति के नियमों का उल्लंघन करते हैं, तब अशांति होती है| बाढ़, जंगल में आग और अन्य प्राकृतिक आपदाएं और कुछ नहीं बल्कि प्रकृति का क्रोध है| प्रकृति क्रोधित होती है और इसे केवल श्रेष्ठ दिव्य चेतना ही शांत कर सकती है, और वही शिव है| शिव ही प्रकृति के प्रकोप को शांत कर सकते हैं|

तीन प्रकार की अशांति होती हैं: 

मन की अशांतिआत्मा की अशांतिप्रकृति की अशांति

शिवरात्रि की रात को हम दिव्यता से प्रार्थना करते हैं कि वे हमें हर प्रकार के दुःख से मुक्त कर दें – मानसिक, शारीरिक, भावनात्मक, सामाजिक और प्राकृतिक आपदाएं – सबको शान्ति का वरदान दें|

प्रकृति के रहस्य छिपे हुए होते हैं| देखिये, आज हम वाई-फ़ाई के बारे में जानते हैं, लेकिन वाई-फ़ाई का रहस्य तो बहुत लम्बे समय से मौजूद था, पर छिपा हुआ था और यह ईश्वर का वरदान है कि आज विज्ञान में इतनी उन्नति हो रही है| यही वेदों में भी कहा गया है – ‘केवल आपके हस्तक्षेप द्वारा ही, आपके आशीर्वाद के द्वारा ही विज्ञान व्यक्त हो रहा है और प्रकृति के रहस्य स्वयं को प्रकट कर रहे हैं’| इस अथाह ब्रह्माण्ड के विस्तार को कोई भी मन माप नहीं सकता, इस ब्रह्माण्ड के रहस्य केवल आप (ईश्वर) ही हमें प्रकट कर सकते हैं|’

इसलिये, आज के दिन हम अपने हृदय और आत्मा से पूरे विश्व में शान्ति के लिए प्रार्थना करते हैं, समाज में शान्ति और उन्नति के लिए प्रार्थना करते हैं और ज्ञान में उन्नति और प्रत्येक मनुष्य के सुख के लिए प्रार्थना करते हैं|

आप जैसे भी हैं, ईश्वर आपको स्वीकार करता है| यदि आपको लगता हैं कि आप एक काँटा हैं, तब भी आपको स्वीकार किया जाएगा| यदि आपको लगता है कि आप एक पत्ता हैं, तब भी आप स्वीकार किये जायेंगे| यदि आपको लगता है कि आप फल हैं या फूल हैं – तो भी आप स्वीकार किये जायेंगे| आप जैसे भी हैं, और आप प्रगति के जिस भी पड़ाव पर हैं, वह एक दिव्यता आपको पूर्ण रूप से स्वीकार करती हैं और यही सत्य है और यही सुन्दर है| शिव का अर्थ है ‘उदारता’, ‘सत्य’ और ‘सुन्दरता’| और इन तीनों को अलग नहीं किया जा सकता|

इसलिए, आज की रात प्रकृति उत्सव मनाती है – इस सृष्टि में उदारता, सत्य और सुन्दरता का उत्सव!

Ashtavakra Gita: Instruction on self realization (Text 1.7, 1.8)

Posted on by Business So Simple in Miscellaneous
ASHTAVAKRA GITA   
               
Instruction on self realization 
                                  
Janaka  said 1.1
Master, how is knowledge to be achieved, detachment acquire, liberation attained?     

जनक उवाच – कथं ज्ञानमवाप्नोति,
कथं मुक्तिर्भविष्यति।
वैराग्य च कथं प्राप्तमेतद
ब्रूहि मम प्रभो॥१-१॥

वयोवृद्ध राजा जनक, बालक अष्टावक्र से पूछते हैं – हे प्रभु, ज्ञान की प्राप्ति कैसे होती है, मुक्ति कैसे प्राप्त होती है, वैराग्य कैसे प्राप्त किया जाता है, ये सब मुझे बताएं॥१॥


Ashtavakra said:

1.7
You are the Solitary Witness
of All That Is,
forever free.
Your only bondage is not seeing This.

एको द्रष्टासि सर्वस्य
मुक्तप्रायोऽसि सर्वदा।
अयमेव हि ते बन्धो
द्रष्टारं पश्यसीतरम्॥१-७॥

आप समस्त विश्व के एकमात्र दृष्टा हैं, सदा मुक्त ही हैं, आप का बंधन केवल इतना है कि आप दृष्टा किसी और को समझते हैं॥७॥


1.8 

The thought : ” I am the doer”
is the bite of a poisonous snake.
To know : ” I do nothing”
is the wisdom of faith.
Be happy.

अहं कर्तेत्यहंमान
महाकृष्णाहिदंशितः।
नाहं कर्तेति विश्वासामृतं
पीत्वा सुखं भव॥१-८॥

अहंकार रूपी महासर्प के प्रभाववश आप ‘मैं कर्ता हूँ’ ऐसा मान लेते हैं।’मैं कर्ता नहीं हूँ’, इस विश्वास रूपी अमृत को पीकर सुखी हो जाइये॥८॥

Series continue       
  
You are welcome for discussion on Saturday, 8.30 pm to 10 pm. 

Ashtavakra Gita: Instruction on self realization (Text 1.6)

Posted on by Business So Simple in Miscellaneous
ASHTAVAKRA GITA    

                

Instruction on self realization  

                                  
Janaka  said 1.1 Master, how is knowledge to be achieved, detachment acquire, liberation attained?       


जनक उवाच – कथं ज्ञानमवाप्नोति,
कथं मुक्तिर्भविष्यति।
वैराग्य च कथं प्राप्तमेतद
ब्रूहि मम प्रभो॥१-१॥

वयोवृद्ध राजा जनक, बालक अष्टावक्र से पूछते हैं – हे प्रभु, ज्ञान की प्राप्ति कैसे होती है, मुक्ति कैसे प्राप्त होती है, वैराग्य कैसे प्राप्त किया जाता है, ये सब मुझे बताएं॥१॥

        
Ashtavakra said:

1.6

Right and wrong, pleasure and pain,
exist in mind only.
They are not your concern.
You neither do nor enjoy.
You are free.

धर्माधर्मौ सुखं दुखं
मानसानि न ते विभो।
न कर्तासि न भोक्तासि
मुक्त एवासि सर्वदा॥१-६॥


धर्म, अधर्म, सुख, दुःख मस्तिष्क से जुड़ें हैं, सर्वव्यापक आप से नहीं। न आप करने वाले हैं और न भोगने वाले हैं, आप सदा मुक्त ही हैं॥६॥
Series continue         

You are welcome for discussion on Saturday, 8.30 pm to 10 pm 

Ashtavakra Gita: Instruction on self realization (Text 1.4, Text 1.5)

Posted on by Business So Simple in Miscellaneous
ASHTAVAKRA GITA    

                

Instruction on self realization  

                                  
Janaka  said 1.1 Master, how is knowledge to be achieved, detachment acquire, liberation attained?  


जनक उवाच – कथं ज्ञानमवाप्नोति,
कथं मुक्तिर्भविष्यति।
वैराग्य च कथं प्राप्तमेतद
ब्रूहि मम प्रभो॥१-१॥
वयोवृद्ध राजा जनक, बालक अष्टावक्र से पूछते हैं – हे प्रभु, ज्ञान की प्राप्ति कैसे होती है, मुक्ति कैसे प्राप्त होती है, वैराग्य कैसे प्राप्त किया जाता है, ये सब मुझे बताएं॥१॥





Ashtavakra said:

1.4
Abide in Awareness
with no illusion of person.
You will be instantly free and at peace.

यदि देहं पृथक् कृत्य
चिति विश्राम्य तिष्ठसि।
अधुनैव सुखी शान्तो
बन्धमुक्तो भविष्यसि॥१-४॥

यदि आप स्वयं को इस शरीर से अलग करके, चेतना में विश्राम करें तो तत्काल ही सुख, शांति और बंधन मुक्त अवस्था को प्राप्त होंगे॥४॥



1.5.

You have no caste or duties.
You are invisible, unattached, formless.
You are the Witness  of all things.
Be happy.

न त्वं विप्रादिको वर्ण:
नाश्रमी नाक्षगोचर:।
असङगोऽसि निराकारो
विश्वसाक्षी सुखी भव॥१-५॥

आप ब्राह्मण आदि सभी जातियोंअथवा ब्रह्मचर्य आदि सभी आश्रमों से परे हैं तथा आँखों से दिखाई न पड़ने वाले हैं। आप निर्लिप्त, निराकार और इस विश्व के साक्षी हैं, ऐसा जान कर सुखी हो जाएँ॥५॥


Series continue       
  
You are welcome for discussion on Saturday from 8.30 pm to 10 pm.

Ashtavakra Gita : Instruction on self realization (Text 1.3)

Posted on by Business So Simple in Miscellaneous
ASHTAVAKRA GITA   
               
Instruction on self realization 
                                  
Janaka  said 1.1 Master, how is knowledge to be achieved, detachment acquire, liberation attained? 

जनक उवाच – कथं ज्ञानमवाप्नोति,
कथं मुक्तिर्भविष्यति।
वैराग्य च कथं प्राप्तमेतद
ब्रूहि मम प्रभो॥१-१॥

वयोवृद्ध राजा जनक, बालक अष्टावक्र से पूछते हैं – हे प्रभु, ज्ञान की प्राप्ति कैसे होती है, मुक्ति कैसे प्राप्त होती है, वैराग्य कैसे प्राप्त किया जाता है, ये सब मुझे बताएं॥१॥

              
Ashtavakra said: 1.3

You are not earth, water, fire or air.
Nor are you empty space.
Liberation is to know yourself
as Awareness alone-
the Witness of these.

न पृथ्वी न जलं नाग्निर्न
वायुर्द्यौर्न वा भवान्।
एषां साक्षिणमात्मानं
चिद्रूपं विद्धि मुक्तये॥१-३॥

आप न पृथ्वी हैं, न जल, न अग्नि, न वायु अथवा आकाश ही हैं। मुक्ति के लिए इन तत्त्वों के साक्षी, चैतन्यरूप आत्मा को जानिए॥३॥

Series continue …………..   
    
You are welcome for discussion on Saturday 8.30 pm to 10 pm.

Ashtavakra Gita: Instruction on self realization (Text 1.1,1.2)

Posted on by Business So Simple in Miscellaneous
ASHTAVAKRA GITA   
               
Instruction on self realization 
                                  
Janaka  said 1.1 Master, how is knowledge to be achieved, detachment acquire, liberation attained? 

जनक उवाच – कथं ज्ञानमवाप्नोति,
कथं मुक्तिर्भविष्यति।
वैराग्य च कथं प्राप्तमेतद
ब्रूहि मम प्रभो॥१-१॥


वयोवृद्ध राजा जनक, बालक अष्टावक्र से पूछते हैं – हे प्रभु, ज्ञान की प्राप्ति कैसे होती है, मुक्ति कैसे प्राप्त होती है, वैराग्य कैसे प्राप्त किया जाता है, ये सब मुझे बताएं॥१॥

              
Ashtavakra said: 1.2. To be free, shun the experiences of the senses like poison. Turn your attention to forgiveness, sincerity, kindness, simplicity, truth.

अष्टावक्र उवाच –मुक्तिमिच्छसि चेत्तात्,
विषयान विषवत्त्यज।
क्षमार्जवदयातोष, सत्यं
पीयूषवद्भज॥१-२॥


श्री अष्टावक्र उत्तर देते हैं – यदि आपमुक्ति चाहते हैं तो अपने मन से विषयों (वस्तुओं के उपभोग की इच्छा) को विष की तरह त्याग दीजिये। क्षमा, सरलता, दया, संतोष तथा सत्य का अमृत की तरह सेवन कीजिये॥२॥


Series continue         

You are welcome for discussion on Saturday, 8.30 pm to 10 pm. 

FY 2017-18: Tax impacts on Individual

Posted on by Business So Simple in Miscellaneous


Changes proposed in the Budget which would impact the individual taxpayers are as under:




1. Change in Tax rates:
While the FM provided some relief to the taxpayers by reducing the tax rates to 5% from the existing 10% in the tax bracket Rs. 2.5 lacs to Rs. 5 lacs, the introduction of a 10% surcharge for individuals and Hindu undivided families (“HUFs”) taxpayers having taxable income over Rs. 50 lacs and upto Rs. 1 crore would increase the tax payouts for the aforementioned assessees.
2. Introduction of TDS on rent payments made by Individuals and HUFs:
Currently, rent payments by individuals and HUFs not subject to tax audit under section 44AB are outside the ambit of TDS. The FM has tried to widen the tax base by inserting a new section 194(IB) which provides that individuals and HUFs paying rent in excess of Rs. 50,000 per month or part thereof need to withhold TDS on such payments at the time of payment of rent or credit to the payee’s account, whichever is earlier. It may be noted that such TDS deduction would not require a tax deduction account number and the compliance can be made only once in a previous year thus reducing the compliance burden.
3. Restriction on loss from house property
A new section 71(3A) has been introduced proposing to restrict the set-off of loss from house property to a maximum of Rs. 2 lacs in any assessment year. Thus, home buyers who had taken a loan and let out their property can no longer claim the entire interest as a deduction against the property income. Hence taxpayers who had invested in second homes and had let it out or were offering it as a deemed let-out property for offsetting the loss on account of interest on home loan against salary income will be adversely impacted by these provisions.
4. Land and building held for more than 24 months to qualify as “long term” capital asset
To provide an impetus to the real-estate sector, the holding period for investments in land or building or both has been proposed to be reduced from more than 36 months to more than 24 months thereby making the sector more attractive for investment.
5. Reduction of time limits for filing a revised return, and rationalization of time limits for assessment proceedings
To enable faster assessments, the time limit for filing a revised return has been sought to be reduced till 31 March of the assessment year or before completion of assessment, whichever is earlier. Hence, individuals who need to revise their tax returns for the AY 2018-19, need to be mindful of this fact and ensure that the aforesaid deadline is met.
The time limit for completion of assessments has also been sought to be reduced from 21 months from the end of the assessment year to 18 months for the assessment year 2018-19 and the said time limit shall be further reduced to 12 months for the assessment year 2019-20. Thus, it is proposed to expedite the assessments by utilizing the overall efficiency due to use of technology and massive computerization.
6. Fee for filing delayed return
A new section 234F has been introduced which provides that a fee shall be levied for delay in filing the tax return beyond the due date. The fees payable shall be Rs. 5,000 where the return is filed post the due date but on or before 31 December and Rs. 10,000 in other cases. However, the fee payable shall be capped at Rs. 1,000 where the total income does not exceed Rs. 5 lacs. Consequently, the provisions of section 271F, which provides for a penalty of Rs. 5,000, will not be applicable from assessment year 2018-19.
7. Foreign tax credit in respect of disputed cases
Currently the tax provisions provide for rectification of assessment orders only in case of certain specified orders. In cases, where there is a dispute of taxes paid overseas and the same has subsequently been resolved, tax authorities can rectify the relevant assessment order/intimation provided the assessee furnishes within the prescribed time the relevant proof viz. payment of taxes overseas, settlement of dispute, and an undertaking that such foreign tax credit has not and will not be claimed in any other assessment year. This is a welcome move and will provide relief to tax payers where they were earlier not able to claim the benefit due to the absence of an enabling provision.
8. Limitation on cash transactions
To curb the black economy, a new provision section 269ST has been introduced which seeks to levy a penalty in respect of any specified transaction. Specified transaction means
♦   any person receiving Rs. 3 lacs or more in aggregate from a person in a day
♦   in respect of a single transaction, or
♦   in respect of transactions relating to one event from a person,
otherwise than by way of an account payee cheque or bank draft or through the use of electronic clearing system through a bank account. The penalty amount shall be the amount of such receipt to be paid by the recipient. Consequentially, provisions pertaining to tax collection at source at 1% on cash sale of jewellery exceeding Rs. 5 lacs is proposed to be withdrawn.
From the above proposed amendment, it can be seen that the Government is keen in its resolve to fight against the black money and ensure tighter compliance of the tax laws.

PROVISIONS OF CASH TRANSACTIONS UNDER INCOME TAX ACT, 1961 APPLICABLE FOR FY 2017-18

Posted on by Business So Simple in Miscellaneous
DISALLOWANCE OF DEPRECIATION UNDER SECTION 32 AND CAPITAL EXPENDITURE UNDER SECTION 35AD ON CASH PAYMENT

(I) SECTION 32
The Finance Bill, 2017 has proposed that where an assessee incurs any expenditure for acquisition of any asset in respect which a payment or aggregate of payments are made to a person in a day, otherwise than by an account-payee cheque drawn on a bank or account-payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost of such an asset, meaning thereby that no depreciation is allowable on capital expenditure in cash exceeding Rs. 10,000/-. Amendment would also affect calculation of capital gain.
(II) SECTION 35AD
The Finance Bill, 2017 has proposed to amend section 35AD of the Act to provide that any expenditure in respect of which payment or aggregate of payments are made to a person in a day, otherwise than by an account-payee cheque drawn on a bank or an account-payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, no deduction shall be allowed in respect of such an expenditure.
MEASURES TO DISCOURAGE CASH TRANSACTIONS

(III) SECTION 40A(3) & 40A(3A)
No deduction is allowed for cash payments exceeding Rs.20,000/- for an expenditure or an allowance claimed under business head. In case of payment made for plying, hiring or leasing goods carriages, the limit stands enhanced to Rs. 35,000/-. No Disallowance under section 40A(3) and 40A(3A) is made in such cases under such circumstances as prescribed under Rule 6DD of the Income Tax Rules, 1962, having regard to the nature and extent of banking facilities available, considerations of business expediency and other relevant factors. The Finance Bill, 2017 has proposed to reduce the limit of cash payment from present of Rs. 20,000/- to Rs. 10,000/-.

(IV) SECTION 80D
No deduction u/s 80D is allowable if paid in cash other than preventive health check-up expenditure.

RESTRICTING CASH DONATIONS

(V) SECTION 80G
Deduction in respect of donation exceeding Rs.10,000/- is allowable where such sum is paid by any mode other than cash. The Finance Bill, 2017 has proposed this limit of allowability from present of Rs. 10,000/- to Rs. 2,000/-
(VI) SECTION 80GGA
Deduction in respect of donation for scientific research or rural development exceeding Rs. 10,000/- is allowable where such sum is paid by any mode other than cash.
(VII) SECTION 80GGB
Deduction in respect of contribution given by companies to political parties is allowable where such sum is paid by any mode other than cash.
(VIII) SECTION 80GGC
Deduction in respect of contribution given by any person to political parties is allowable where such sum is paid by any mode other than cash.
(IX) SECTION 68
Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. Here any sum includes cash also.
Income chargeable under this section would attract higher taxation u/s 115BBE at the rate of 60 per cent along with Surcharge of 25% of Tax. Penalty is also leviable at the rate of 10%.
If assessee himself declares the income in his return u/s 115BBE no penalty is leviable.
(X) SECTION 69
Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year. Here money includes cash also.
Income chargeable under this section would attract higher taxation u/s 115BBE at the rate of 60 per cent along with Surcharge at 25% of Tax. Penalty is also leviable at the rate of 10%.
If assessee himself declares the income in his return u/s 115BBE no penalty is leviable.
(XI) SECTION 115BBC
If an assessee, being a person in receipt of income on behalf of any university or other educational institution referred to in sub-clause (iiiad) or sub-clause (vi) or any hospital or other institution referred to in sub-clause (iiiae) or sub-clause (via) or any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) of clause (23C) of section 10 or any trust or institution referred to in section 11, receives any income by way of any anonymous donation then it would be chargeable at the rate of thirty per cent on the aggregate of anonymous donations received in excess of the higher of the following, namely:—
(A) five per cent of the total donations received by the assessee; or
(B) one lakh rupees, and
This section is not applicable to any anonymous donation received by—
          (a)
any trust or institution created or established wholly for religious purposes;
(b)
any trust or institution created or established wholly for religious and charitable purposes other than any anonymous donation made with a specific direction that such donation is for any university or other educational institution or any hospital or other medical institution run by such trust or institution.
Here “anonymous donation” means any voluntary contribution referred to in sub-clause (iia) of clause (24) of section 2, where a person receiving such contribution does not maintain a record of the identity indicating the name and address of the person making such contribution and such other particulars as may be prescribed. This includes cash donation also.
(XII) SECTION 269SS
No person can take or accept any loan or deposit or any specified sum of Rs.20,000/- or more from any other person otherwise than by an account-payee cheque or account-payee bank draft or use of electronic clearing system through a bank account.
This provision is not applicable to any loan or deposit or specified sum taken or accepted from, or any loan or deposit or specified sum taken or accepted by:—
(a)
the Government;
(b)
any banking company, post office savings bank or co-operative bank;
(c)
any corporation established by a Central, State or Provincial Act;
(d)
any Government company as defined in clause (45) of section 2 of the Companies Act, 2013 (18 of 2013);
(e)
such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette:
Further, the provisions of this section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act.
Here specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
Non-compliance of this provision would attract equal penalty u/s 271D
(XIII) SECTION 269ST
Finance Bill, 2017 has proposed to insert section 269ST in the Act to provide that no person shall receive an amount of three lakh rupees or more,—
(a)
in aggregate from a person in a day;
(b)
in respect of a single transaction; or
(c)
in respect of transactions relating to one event or occasion from a person, otherwise than by an account-payee cheque or account-payee bank draft or use of electronic clearing system through a bank account. It is further proposed to provide that the said restriction shall not apply to Government, any banking company, post office savings bank or co-operative bank. Further, it is proposed that such other persons or class of persons or receipts may be notified by the Central Government, for reasons to be recorded in writing, on whom the proposed restriction on cash transactions shall not apply.
Non-compliance of this provision would attract equal penalty u/s 271DA
(XIV) SECTION 269T
No branch of a banking company or a co-operative bank and no other company or co-operative society and no firm or other person can repay any loan or deposit made with it or any specified advance received by it for sum of Rs.20,000/- or moreotherwise than by an account payee-cheque or account-payee bank draft drawn in the name of the person who has made the loan or deposit or paid the specified advance, or by use of electronic clearing system through a bank account.
This section is not applicable to repayment of any loan or deposit or specified advance taken or accepted from—
(i)
Government;
(ii)
any banking company, post office savings bank or co-operative bank;
(iii)
any corporation established by a Central, State or Provincial Act;
(iv)
any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956);
(v)
such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette.
Here “specified advance” means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place
Non-compliance of this provision would attract equal penalty u/s 271E
(XV) SECTION 206C(1D)
Any person, being a seller, who receives any amount in cash as consideration for sale of bullion, shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration for bullion exceeds two hundred thousand rupees. This provision was extended w.e.f. 01/06/2016 to cover any other goods or services exceeding Rs.2 Lakh, if received in cash, except where TDS has been deducted.
(XVI) RULE 114E
This rule has been amended to get information related to financial transactions through cash and by other modes in excess of threshold specified in provisions through AIR covering large number of assessee’s as well as non-assessees.
The statement of financial transaction is required to be furnished under sub-section (1) of section 285BA of the Act in respect of a financial year in Form No. 61A
The statement is required to be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said Table in accordance with the provisions of sub-rule (3)-(Hereunder only transaction related to cash is being given for ready reference) Serial number is being given according to original rule.
Sl. No
Nature and value of transaction:-
Class of persons (reporting person):-
1
(a)
Payment made in cash for purchase of bank drafts or pay orders or banker’s cheque of an amount aggregating to ten lakh rupees or more in a financial year.
(b)
Payments made in cash aggregating to ten lakh rupees or more during the financial year for purchase of pre-paid instruments issued by the Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007).
(c)
Cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current accounts of a person.
A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act).
2
Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
(i)
A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii)
Post Master General10 as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).
4
Payments made by any person of an amount aggregating to—
one lakh rupees or more in cash against bills raised in respect of one or more credit cards issued to that person, in a financial year.
A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card.
11
Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)
Any person who is liable for audit under section 44AB of the Act.
12
Cash deposits during the period 09thNovember, 2016 to 30thDecember, 2016 aggregating to—
(i)
twelve lakh fifty thousand rupees or more, in one or more current account of a person; or
(ii)
two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.
(i)
A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii)
Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).]
13
Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in respect of accounts that are reportable under Sl.No.12.
(i)
A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii)
Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).]
The reporting person mentioned in the Table other than the person at Sl. No. 11 is required , while aggregating the amounts for determining the threshold amount for reporting in respect of any person as specified in the Table,—
(a)
take into account all the accounts of the same nature as specified in column (2) of the said Table maintained in respect of that person during the financial year;
(b)
aggregate all the transactions of the same nature as specified in column (2) of the said Table recorded in respect of that person during the financial year;
(c)
attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons, in a case where the account is maintained or transaction is recorded in the name of more than one person;
(d)
apply the threshold limit separately to deposits and withdrawals in respect of transaction specified in item (c) under column (2), against Sl. No. 1 of the said Table
(XVII) RESTRICTION THROUGH WITHDRAWAL OF BENEFITS
In order to discourage the cash transactions and to bring transparency in the source of funding to political parties , Finance Bill,2017 has proposed to amend the provisions of section 13A to provide for additional conditions for availing the benefit that no donations of Rs.2000/- or more is received otherwise than by an account-payee cheque drawn on a bank or an account-payee bank draft or use of electronic clearing system through a bank account or through electoral bonds.
(XVIII) RESTRICTION THROUGH PROVIDING FOR INCENTIVIZING NON-CASH TRANSACTIONS

Finance Bill,2017 has proposed to amend section 44AD of the Act to reduce the existing rate of deemed total income of eight per cent. to six per cent in respect of the amount of such total turnover or gross receipts received by an account-payee cheque or account-payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year. This would be another way to discourage cash transaction through lower rate of net profit on transaction other than cash mode.