Cash receipt restrictions under income tax law prohibit high-value transactions outside prescribed banking modes and impose equal penalty for breach. Section 269ST prohibits receipt of two lakh rupees or more otherwise than by account payee cheque, account payee bank draft, electronic clearing system ... Summary
Cash receipt restrictions under income tax law prohibit high-value transactions outside prescribed banking modes and impose equal penalty for breach.
Section 269ST prohibits receipt of two lakh rupees or more otherwise than by account payee cheque, account payee bank draft, electronic clearing system through a bank account, or other prescribed electronic modes, where the amount is received in aggregate from a person in a day, for a single transaction, or for transactions relating to one event or occasion. Section 271DA prescribes a penalty equal to the amount received in contravention, subject to a defence of good and sufficient reasons.
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