Assistant Professor
571 Points
Joined September 2017
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Section 269ST of Income Tax Act
Section 269ST of Income Tax Act provides that no person can receive an amount of INR 2 Lakhs or more in cash:
- In aggregate from a person in a day;
- In respect of a single transaction; or
- In respect of transactions relating to one event or occasion from a person.
Provisions of Section 269ST are not applicable, when cash of more than Rs.2 lakhs is received from following person:
- Government;
- Any banking company, post office saving bank or co-operative bank;
- Institution, association or body or class of institutions, associations or bodies notified by Central Government in its official gazette.