INCOME TAX SECTION 269ST - Mode of undertaking transactions
Description
No person shall receive an amount of two lakh rupees or more-
(a) in aggregate from a person in a day; or
(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 an account payee bank draft or use of electronic clearing system through a bank account:
Provided that the provisions of this section shall not apply to-
(i) any receipt by-
(a) Government;
(b) any banking company, post office savings bank or co-operative bank;
(ii) transactions of the nature referred to in section 269SS;
(iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.
Explanation.-For the purposes of this section,-
(a) "banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;
(b) "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.]
Click here to read more from the Income Tax Act
Related Questions
In how much time is a bail / anticipatory bail granted?
If we apply for an anticipatory bail or a regular bail, in how much time can this be granted?…
How can I quash the FIR by compromise with the complainant?
I have come to terms with the person who had filed a criminal complaint against me and now they are willing to compromise with me. How can the FIR aga…
When and where can I apply for anticipatory bail?
When and where can I apply for an anticipatory bail in case someone has filed criminal complaint against me and Police may have registered an FIR?…
How can I get bail in a non bailable offence?
I have been framed in a case by some people and the Police is saying that the charges against me are non bailable in nature. How can I get bail in a n…