INCOME TAX SECTION 269ST - Mode of undertaking transactions

Description

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: 

Provided that the provisions of this section shall not apply to- 

(i) any receipt by- 

(a) Government; 

(b) any banking company, post office savings bank or co-operative bank; 

(ii) transactions of the nature referred to in section 269SS; 

(iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify. 

Explanation.-For the purposes of this section,- 

(a) "banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS; 

(b) "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.]

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