Laxmi Associates

Don’t Wait Till The Last Minute, Link It Now 🙂

CBDT has decided to extend the due date of furnishing ITR (Companies, Audit Cases) for the AY 2025-26 from 31/10/2025 to 10/12/2025

*Tax Audit Report is also extended to 10/11/2025 from 31/10/2025*

🚨GSTR 3B extension NOTIFIED !!

Sep 3B due date extended to 25th Oct!!

🧾 Cash Transaction Limits under Income Tax Act

Not all cash transactions are allowed — cross certain limits and you may face penalty up to 100% of the amount!

Here’s a quick guide 🧵

1. 💰Cash Receipt Limit – ₹2,00,000 (Sec 269ST)
You cannot receive ₹2 lakh or more in cash:
🚫 From one person in a day
🚫 For a single transaction
🚫 For transactions relating to one event/occasion
✅ Must be through cheque, draft, or digital mode.

2. ⚠️ Penalty (Sec 271DA):
If you receive ₹2 lakh or more in cash in violation of Sec 269ST →
💥 Penalty = 100% of the cash received

3. 🏦 Cash Loan/Deposit Limit – ₹20,000 (Sec 269SS & 269T)
You can’t:
🚫 Take or accept a loan/deposit in cash > ₹20,000
🚫 Repay loan/deposit in cash > ₹20,000
✅ Must be via account payee cheque, draft, or electronic mode.

4. ⚖️ Penalty (Sec 271D & 271E):
Violation = Penalty equal to the loan/deposit amount
e.g. Accept ₹50,000 in cash → Penalty ₹50,000

5. 🏘️Property Transactions – ₹20,000 Limit
No person can accept ₹20,000 or more in cash for:
➡️Sale of immovable property
➡️Advance or consideration
Always use banking channels.

6.🎁Donations & Expenses in Cash:
🚫 80G donations above ₹2,000 not eligible for deduction.
🚫 Business expense in cash > ₹10,000 per day (per person) not allowed as deduction (Sec 40A(3)).

7.🚨 Takeaway:
Avoid large cash dealings.
Use banking channels — safe, traceable & tax-compliant.
Cash may look easy, but penalties are costly! 💸

बड़े भाई जी गाज़ियाबाद एवं बड़े भाई जी के द्वारा मुझे का सदस्य मनोनित कराने के लिए बहुत बहुत धन्यवाद 🙏

Central Board of Direct Taxes issues Circular 10/2025, providing relaxation of time limit for the processing of electronically filed income tax returns.

For detailed information, access the Circular 10/2025

*𝐃𝐮𝐞 𝐃𝐚𝐭𝐞 𝐭𝐨 𝐟𝐢𝐥𝐞 𝐲𝐨𝐮𝐫 𝐆𝐒𝐓𝐑 -3B(M) 𝐢𝐬 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡𝐢𝐧𝐠!*