Mode of undertaking transactions - Section 269ST & Section 271DA

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....hrough a bank account or other prescribed electronic modes. The prohibition applies in three scenarios: (a) In aggregate from a person in a day; (b) In respect of a single transaction; (c) In respect of transactions relating to one event or occasion from a person. Permitted Modes of Receipt The section mandates that receipts above the threshold must be through: * Account payee cheque ....

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....king institution referred to in section 51 of that Act * "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS - "co-operative bank", "primary agricultural credit society" and "primary co-operative agricultural and rural development bank" shall have the meanings respectively assigned to them in Explanation to section 80P(....

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....t reasons for the contravention. * Authority to Impose Penalty * From 01.04.2025 - any penalty under section 271DA(1), on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer. [ Inserted vide Section 85 of the Finance Act, 2025 ] * Upto 31.03.2025 - Originally, the power to impose the penalty under Section 271DA(1) was vested in th....

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....poses of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies. [ Circular No. 25/2022 Dated 30th December, 2022 ] * For the purpose of clause (iii) of the proviso to section 269ST w.e.f. 01.04.2017, the Central Government hereby specifies that the provision of section 269ST s....