Section 269ST

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....ection 269ST<br> Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 1-6-2022 Last Reply Date:- 29-12-2022 Income Tax<br>Got 1 Reply<br>Income Tax<br>Penalty u/s 269ST is attracted for cash tr....

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....ansaction above Rs.2,00,000/- My query is whether section 269ST is attracted if a partner draws cash of Rs.50,000/- per month towards his current account. Reply By Padmanathan Kollengode: The Reply: ....

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.... Section 269ST reads as follows: No person shall receive an amount of two lakh rupees or more- (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in resp....

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....ect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a 2[bank acc....

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....ount or through such other electronic mode as may be prescribed]: Therefore if partner withdraws Rs.50,000/- per month, it is neither a single transaction nor related to one event or occasion exceedi....

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....ng Rs.2,00,000/-. Thus, in my opinion 269ST will not be attracted.<br> Discussion Forum - Knowledge Sharing ....