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Section269st

This query is : Open 
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(Querist)
22 November 2017 Can partner withdraw above two lacs in a day from firm in cash and vice versa
Applicability u/s 269st
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Amitav

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Amitav (Expert)
22 November 2017 This will be the contravention to Section 269T.

Section 271E of Income Tax Act 1961 provides that if a loan or deposit is repaid in contravention of the provisions of section 269T then a penalty equivalent to the amount of such loan or deposit repaid may be levied by the Joint commissioner.
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RAJA P M

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RAJA P M (Expert)
23 November 2017 No.... Not applicable for the Section if withdraw the partner in his partnership firm....
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