Rent deposit( refundable and non refundable ) attract 269SS and 269ST

Rent deposit( refundable and non refundable ) attract 269SS and 269ST
Replies (1)
As per under section 269SS:
IF DEPOSIT RECEIVED by any person,

OTHERWISE THAN by an account payee CHEQUE, account payee BANK DRAFT, using electronic clearing system(ECS) through bank account,
is 20000rs or more then it will Attract section 269SS .

EXCEPTIONS to section 269SS :

1. if deposit received by the following entities-

a. The Government.

b. Any Banking Company, Post Office savings bank or co-operative bank.

c. Any Corporation established by a Central, State or Provincial Act.

d. Any Government Company.

e. Any Institution, Association or Body or class of Institutions, Associations or Bodies notified in Official gazette.

2. person earning only Agricultural income.

3. receiving Cash Only From Relative during emergencies (should not be to evade the taxes).

4. partners contributing Cash Capital into partnership firm.

UNDER SECTION 269T:
the above provisions shall also apply in case of DEPOSIT REPAYMENTS.

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