06 May 2024
as per income tax law 269 st can a partnership firm has right to take cash of 150000 in a day for 3 days as 450000 as a capital contribution from one of the partner
11 May 2024
As on the date, no clarification from department, be any notification or circular. Professionals are divided over the final decision, as per apex court judgement, it do not separate partnership firm and its partners as different entities. as such sec. 269ST is not applicable over either of them when any cash deposited or withdrawn by partner/s to or from the firm. Second thought, if applicable then the definition of event may come into play, as such it will exceed the limit of 2 lakhs per event.
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