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of <h1>Cash Transactions Over 2 Lakhs Prohibited: Strict Penalties for Non-Compliant Payments Under Income Tax Act Sections 269ST and 271DA</h1> A legal text detailing transaction restrictions under Income Tax Act, Section 269ST and Section 271DA. The provisions prohibit cash receipts of two lakh rupees or more, mandating payment through account payee cheques, bank drafts, or electronic clearing systems. Penalties equal the amount received for non-compliance, with specific exemptions for government entities, banking institutions, and certain medical facilities during specified periods. The regulations aim to promote digital and traceable financial transactions.
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