Regarding applicabilty of section 269ST

AB is a partnership Firm . C and D are the partners of AB partnership firm. C and D withdraw and introduced Rs.200000 in single day . This type of transactions are occured during normal course of business. 

Whether Section 269ST applicable for partners or not ?

 

Replies (4)
Quick Summary
This discussion examines whether Section 269ST of the Income Tax Act applies to transactions where partners of a partnership firm withdraw or introduce capital. While the partnership deed may permit such actions, it's crucial to understand the specific provisions of the Income Tax Act. The consensus suggests that adhering to account payee cheques or online payments is advisable to ensure compliance.

If Partnership deed allows withdrawal of capital then Section 269ST is not applicable
It is governed by partnership deed.
Better to go by Account Payee Cheque or online payment
Income tax Act has made specific provisions .

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