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of <h1>Income Tax Act Section 269ST Clarifies Cash Receipt Rules for Milk Cooperatives on Bank Holidays.</h1> Clause (c) of Section 269ST of the Income-tax Act, 1961, restricts cash receipts of two lakh rupees or more unless through specified banking methods. Clarification is provided regarding Milk Producers' Cooperatives, questioning whether cash receipts on bank holidays should be considered singular transactions or aggregated annually. The circular clarifies that for Co-operative Societies, a dealership/distributorship contract does not constitute a single event for clause (c). Receipts within the prescribed limit on any day in a previous year, complying with clauses (a) and (b), should not be aggregated across multiple days for clause (c) purposes.
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