269 SS

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(Querist)
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22 March 2010 Will section 269 SS and T , be attracted when an amount more than 20,000 is received by the assessee from an agriculturist ( who doesnt have taxable income and an bank account) in cash

Amit Bajaj

Amit Bajaj (Expert)
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22 March 2010 The provisions of section 269SS are not attracted where both the depositor and the acceptor have agriculture income and not having any taxable income under the income tax act.

If either of the depositor and acceptor is having taxable income, section 269SS will be applicable.

No such exemption to agriculturalists is available from the provisions of section 269T