Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160976 Points)
Replied 10 February 2018
Refer: 1. Surgical-strike-on-cash-transactions-faqs-on-section-269st
RAJA P M
("Do the Right Thing...!!!")
(127463 Points)
Replied 10 February 2018
Sir.,
Thank you for the uploded links by you Sir.
Please explain How is it possible...
What are the provisions of Section 269ST?
(d) withdrawal of amount from own bank account
E.g. if a person withdraws in a day amount of Rs.2 lakhs or above, then penalty is levied.
Whether exempt income is covered under Section 269ST?
Both taxable and exempt incomes are covered in Section 269ST.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160976 Points)
Replied 10 February 2018
Dear Raja Sir,
So sorry to get you confused by providing old article....... they have not updated it.
Wide notification dated the 5th April, 2017 NOTIFICATION S.O. 1057(E). it is clarified that
- In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the provision of section 269ST shall not apply to receipt by any person from an entity referred to in sub-clause (b) of clause (i) of the proviso to section 269ST.
2. The notification shall be deemed to have come into force with effect from 1st day of April, 2017.
[Notification No.28/2017, F.No.370142/10/2017-TPL
So.........
1. the provision doesn't apply over cash withdrawal from Bank...
2. Yes it applies to all kind of receipts by cash... whether taxable or not..
RAJA P M
("Do the Right Thing...!!!")
(127463 Points)
Replied 10 February 2018
Thank You So much Sir......
RAJA P M
("Do the Right Thing...!!!")
(127463 Points)
Replied 10 February 2018
Prashant Bagade
(2 Points)
Replied 22 March 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160976 Points)
Replied 22 March 2018
Namaskar,
Not possible after amendment, as on 1st June 2015, which imposed a person not to receive any cash payment more than Rs.20, 000 in case of transfer of immovable property.
CAclubindia
