Applicability of sec.269st for introduction of capital in partnership firm by partner

Notification 2427 views 4 replies

kiran kumar vankadari

proprietor

61 Points Joined November 2009

introduction of capital by a partner in partnership firm by way of cash more than 200000/-, whether provisions as per sec 269ST will be made applicable or not

Replies (4)

Sarath Rajendran

Nil

2791 Points Joined November 2017

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 269S

kiran kumar vankadari

proprietor

61 Points Joined November 2009

Dear sir

Thanks for your immediate response

Kindly clarify as to applicability of Sec.269ST on introduction of capital into partnership firm by partner

Dilip Kumar Jana

74 Points Joined September 2017

Attention is drawn to clause (a) of section 269ST. You may find the answer or solution.

Saifullah Khalid

Autodidact/Curious

638 Points Joined October 2014

Originally posted by : kiran kumar vankadari
	introduction of capital by a partner in partnership firm by way of cash more than 200000/-, whether provisions as per sec 269ST will be made applicable or not

First deposit that cash/capital amount to partner`s saving bank account or personal current account then trasfer further by banking mode to firm`s current account....thats the the best way as this will leave a trail of transaction between partner and firm`s bank accounts...