269st

Adithya (udupi) (49 Points)

30 May 2018

Mr x sold goods to mr Y for 210000. Mr X received 10000 in cash and 200000 in cheque.weather 269ST applicable for the assesment Year 2018-19?

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177972 Points)
Replied 30 May 2018

Sarath Rajendran (Nil) (2791 Points)
Replied 30 May 2018

Insertion of new section 269ST.

84 . After section 269SS of the Income-tax Act, the following section shall be inserted, namely:—

'269ST. Mode of undertaking transactions.—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.'.