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?
Menu
269st
Replies (3)
No
NO
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.'. |
What is section 269ST and 269SS
Recent Topics :
- TDS on Property - Form 26QB Related
- Capital gains on sale of flat from wife to husband
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
Related Topics :
CAclubindia
