269st section
This query is : Resolved
04 May 2018
OF FURTHER DETAILS REQUIRED THAT CAN PARTNER INTRODUCED CASH 4 LAC IN DIFFERENT DATES (1 LAC ON EACH DATES)
04 May 2018
Dear Archit,
As per this section- 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:
If you go through the literal interpretation of the same, Introducing capital by partner in his firm should be interpreted as below:-
a) as per your example 4 transactions are there in a year, hence in a day it is not crossing the limit.
b) since it is more than one transaction, it is not applicable.
c) in respect of transactions relating to one event or occasion from a person, Since the transaction is happening in more than one event or occasion hence clause c is also inapplicable.
Hence the introduction of capital being 4 lakh in a year in 4 installments can not attract section 269ST.
Thanks
As per this section- 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:
If you go through the literal interpretation of the same, Introducing capital by partner in his firm should be interpreted as below:-
a) as per your example 4 transactions are there in a year, hence in a day it is not crossing the limit.
b) since it is more than one transaction, it is not applicable.
c) in respect of transactions relating to one event or occasion from a person, Since the transaction is happening in more than one event or occasion hence clause c is also inapplicable.
Hence the introduction of capital being 4 lakh in a year in 4 installments can not attract section 269ST.
Thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Offsetting interest income against derivative trading losses
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Application of 115BAC
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
