Section 269 ST applicability

Yes.

 

I) Capital contributions made by the partner to the firm :

This transaction is related to the receipt by the firm from its partner.

The provisions of Section 269ST are very well applicable to this also. It is so because the provisions of Section 269ST are applicable to each and every receipt irrespective of its nature and irrespective of relation between the parties.

It is applicable (i) whether the receipt is for business purpose or for personal purpose (ii) whether the receipt is with or without consideration (iii) whether the receipt is of capital or revenue nature.

It is not applicable only in cases – (i) where there is specific exclusion / exemption in the Section 269ST itself ; or (ii) where exemption has been granted by the government way of any notification ; or (iii) non applicability has been clarified by the government by way of any clarification etc.

There is no specific exclusion / exemption / clarification etc. regarding capital contribution made by the partner to its firm.

Therefore, the provisions of Section 269ST are very well applicable to the capital contribution made by the partner to the firm.

(Note :- In this transaction, Section 269ST is applicable to the firm (who is the recipient) and not to the partner.)

(ii) Withdrawal of capital / profit share by the partner from the firm :

This transaction is related to the receipt by the partner from its firm.

In this transaction, Section 269ST is applicable to the partner (who is the recipient) and not to the firm.

The situation in this regard is also similar as mentioned in point no. (i) above regarding capital contribution made by the partner.

Therefore, the provisions of Section 269ST are also applicable to the withdrawal of capital / profit share by the partner from the firm.

Yes applicable...




...

Yes definitely Applicable.

So if he draws more than two lakhs will it be disallowed

271DA. (1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt:

Provided that no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention.”

@ MARTIN I THINK FOLLOW PARTNERSHIP ACT.


FRESH INTRODUCTION OF CAPITAL IS AS PER AGREEMENT OF PARTNERSHIP.
SO THE PARTNERSHIP DEED IS AS PER PARTNERSHIP ACT.
ANY VIOLATION CAN BE DEALT IN SERIOUSLY.

The query is on 269ST applicability.
so you will be hit by 269ST if withdrawal above 2 lakhs in cash.
------
Reply on Sanyasachi post -
Again blunder,
Kya query hai or Kya likha hai ????
Torturous to Martin and Forum users !!! 👎
-------

NOW IF THE FIRM WANT TO PAY WAGES TO THE LABOURERS .
THE BUSINESS DOES NOT GENERATE CASH.
RS. 2 LAKHS IS CONTRIBUTED BY PARTNER.
IT DOES NOT EXCEED 2 LAKHS . ITS EXPLICITLY MENTIONED IN THE PARTNERSHIP AGREEMENT THAT IN EXIGENCY IT CAN INTRODUCE CASH.
Martin solution is deposit rs.199999 and the balace the other day.
THERE IS NO.PROBLEM.
MARTIN DEPOSIT RS.199999 .
ITS LIMITED TO RS.2 LAKS PER DAY.
EXCEEDING RS. 2 LAKHS PER DAY.
MARTIN THERE SHOULD BE A SOLUTION TO CARRY ON YOUR BUSINESS.

@ Martin

In the present context, the entering in to partnership may be treated as an event / occasion and thus, only single consolidated limit of “less than Rs 2 lakhs” may be available for the entire tenure of the partnership (not only for the financial year etc.).

This the firm or partner can obtain only up to “less than Rs. 2 lakhs” in the entire tenure of the partnership.
----
Very stupid reply by Sanyasachi,

A firm or partner can obtain up to “less than Rs. 2 lakhs” every day from each other in cash mode i.e., for example – up to Rs.1,99,999 X 365 = Rs.7,29,99,635/- .

That is 7.30 crores cash during the Financial year !!!!!! wow ? 👎
-----

Its well within the permissible linit....



pretending to be much clever.

@ kapadia your reply is very stupid even.
This section was only introduced to curb hoarding of blck money but not to resist genuine business transaction.


WHY U ARE TERRORIZING THE GROUP?

Reply to sanyasachi post

In this post 3 colleagues other than myself have replied in concurrence.

You used your wisdom to prove , you only know, what ?
Very whimsical

By your scandalous posts, torturous to Forum users.

It is Applicable the provisions of Section 269 ST.