Clarifications in respect of section 269ST of the Income-tax Act, 1961

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..... to promote digital economy and create a disincentive against cash economy, a new section 269ST has been inserted in the Income-tax Act, 1961(the Act) vide Finance Act, 2017. The said section inter-alia prohibits receipt of an amount of two lakh rupees or more by a person, in the circumstances specified therein, through modes other than by way of an account payee cheque or an account payee bank dr .....

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..... itute a 'single transaction' as specified in clause (b) of section 269ST of the Act and all the instalments paid for a loan shall not be aggregated for the purposes of determining applicability of the provisions section 269ST. (Salil Mishra) Director (Tax Policy & Legislation) Copy to:- 1. PS to FM/ OSD to FM/ OSD to MoS(R). 2. PS to Secretary (Revenue). 3. The Chairperson, Members and all o .....

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