Section 269ST Income Tax Act 1961 : Finance Act 2017

By | July 4, 2017
(Last Updated On: July 4, 2017)

Section  269ST Income-tax Act, 1961 – FA, 2017

 [Section 269ST Income-tax Act 1961 Inserted by the Finance Act, 2017, w.e.f. 1-4-2017. ]

Mode of undertaking transactions.

269ST. 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 [ Note -1 ]  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.]

 


Note : 

  1. List of Persons who can receive Cash Payment of Rs 2 Lakh or more – 269ST : CBDT Notification No. 57 /2017/F. No. 370142/10/2017-TPL 3rd July, 2017

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