269SS, 269ST, 269SST, 40(A)(3) Are these IT sections applicable for the personal nature of expenses?
Yes. Its related to mode of accepting loans and deposits, whether for business or personal, except for the exemptions given in the section
It's possible to comply with these transactions with day to day life?
Its possible and they should be adhered to as these are applicable to every person. Non compliance will lead to heavy penalty u/s 271... But as per Section 273B of Income Tax Act no penalty shall be levied if the failure to comply with the provisions of section 269SS or 269T is due to some reasonable cause. It depends on case to case....
Hi Mam. I understand, but how the department identifies that assessee is not comes under Tax Audit or IT Filing. This law revoked by normal human beings? How department identifies.
These are all practical aspects. And the intention of the Act in general is to penalise tax evasion and intentional non-compliance . You will know all this when you take up tax practice. Please concentrate on your syllabus presently.