Cash Transactions between Partners and Partnership Firm

This discussion clarifies the rules around cash transactions between partners and their partnership firms, particularly concerning Section 269ST of the Income Tax Act. It confirms that exceeding £2 lakh in cash, whether in a single transaction, per day, or for a specific event, triggers disclosure requirements in the audit report. There is no overall annual limit; the prohibition applies to daily aggregate, single transactions, or event-related transactions from one person.