MVN Ramkumar (Sr.AO) (111 Points)
13 February 2017
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 13 February 2017
Budget 2017 has proposed to insert Section 269ST in the Income-tax Act, i.e., no person shall receive an amount of Rs 3 lakh or more by way of cash:
(a) in aggregate from a person in a day;
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person
If the limit is exceeded, penalty shall be levied.
However, the above limit shall not apply to government, any banking company, post office savings bank or co-operative bank.
The above shall be effective from F.YR 2017-18, i.e with effect from 01st April 2017.
MVN Ramkumar
(Sr.AO)
(111 Points)
Replied 13 February 2017
Dear Sir,
Thank you for quick reply. But some one told w.e date is 01-04-2016 only. Govt. shows 01-04-2017 in buget speech but appoval documents from MP's they mentioned w.e 01-04-2016. Is it right?
Regards
M.RamKumar
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 13 February 2017
Dear Sir,
No Idea about this point which you have raised now. I have knowledge only about Budget 2017 changes.
MVN Ramkumar
(Sr.AO)
(111 Points)
Replied 13 February 2017
If you find any changes.. kindly remember me sir..
Regards
M.RamKumar
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