TaxTMI 
TaxTMI 
TaxTMI 
Stricter controls over small cash flow by companies;
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....tricter controls over small cash flow by companies; <br>Budget<br>Dated:- 1-2-2018<br><BR>Stricter controls over small cash flow by companies; Payments exceeding ₹ 10,000/- in cash made by such....
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.... entities shall be disallowed In order to control the cash economy and increase TDS compliance, the Union Finance and Corporate Affairs Minister Shri Arun Jaitley proposed to impose restriction on en....
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....tities incurring expenditure in cash without paying tax. Presenting the General Budget 2018-19 in Parliament here today, the Finance Minister said, "Currently, the income of trusts and institutions i....
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....s exempt if they utilise their income towards their objects in accordance with the relevant provisions of the Income-tax Act. However, there is no restriction on these entities for incurring expenditu....
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....re in cash. In order to have audit trail of the expenses incurred by these entities, it is proposed that payments exceeding ₹ 10,000/- in cash made by such entities shall be disallowed and the s....
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....ame shall be subject to tax." Further, in order to improve TDS compliance by these entities, the Finance Minister proposed to provide that in case of non-deduction of tax, 30% of the amount shall be ....
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....disallowed and the same shall be taxed.<BR> News - Press release - PIB....