Section 269ST

JATIN G,

Yes as Partnership Firm is included in Definition of Person under the Income Tax Act,

Any withdrawal of capital in Cash by a Partner of Rs 2 Lakhs or more or any Capital Introduced or Addition in Capital in Cash amounting to Rs 2 Lakhs or more will invite penalty u/s 271DA.

The scope of section 269ST is very wide and unless there is a notification by the Govt. no exemption is made available to any person or class of persons.

 

SEC 269ST is applicable to any person- Individual, HUF, Firm, LLP, Company, Trust. 

As per SEC 269ST :  No person shall receive an amount of two lakh rupees or more—

(a) in aggregate from a person in a day; or

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account.