PLEASE CLARIFY THE MEANING OF PERSON U/S 269ST OF FINANCE BILL 2017.
WHETHER COMPANIES OR BUSINESS ENTITIES MAKING CASH TRANSACTIONS LIKE WITHDRAWL FOR DAILY EXPENSES OR RECEIVING PAYMENT FROM CUSTOMERS ON RETAIL BASIS CAN WITHDRAWL/DEPOSIT MORE THAN RS. 200000/-?
As per section 2(31), the word person includes individuals, HUFs, companies, firms, AOPs, BOIs, local authorities and other artificial judicial persons. Thus, the restriction is on receipt of money by any individuals, HUFs, companies, firms, AOPs, BOIs, local authorities and other artificial judicial persons. from any other s individuals, HUFs, companies, firms, AOPs, BOIs, local authorities and other artificial judicial persons.
Lots of thanks Sir.
Another thing is also to be clear....
As per section 269ST Government, Post Offices, Banking Company and financial Institutions are out of perview of this section.
Whether it mean ä person can receive more than Rs. 200000/- by aforesaid Institution by way of withdrawl, or as payment for any business transaction in a single entry?
" Whether it mean ä person can receive more than Rs. 200000/- by aforesaid Institution by way of withdrawl, or as payment for any business transaction in a single entry?"
For first part, clarification from CBDT awaited, as its contra and not payment transaction; but any other business receipts would attract the section 269ST.
As per the clarification from CBDT, any cash transaction with Bank, payment/withdrawal for any amount (even more than 2 lakhs) in self owned accounts, does not attract the new section 269ST. So no restriction on withdrawals from banks.
CAclubindia
