Section 269ST
Jatin (Accountant) (3479 Points)
06 April 2018
provisions of sec 269ST apply on partners drawings?
Rahul Prajapati
(Student)
(2282 Points)
Replied 06 April 2018
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.
Rahul Prajapati
(Student)
(2282 Points)
Replied 06 April 2018
| PROVISION OF SECTION 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. |
tripti
(ca article)
(209 Points)
Replied 06 April 2018
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.
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