100% Penalty on Cash Transactions | Limits on Cash Transaction | Section 269ST in the Income-Tax Act

9 months ago
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Complete analysis of ban on cash transactions over Rs 2 Lakhs
by governments through section 269ST of Income Tax Act, 1961

2 लाख से अधिक के नकद लेन देन पर 100% जुर्माना | जानिए क्या कहती है आयकर अधिनियम की धारा 269ST और 271DA

This was inserted through Finance Act 2017 and Applicable from 1st April 2017.

Section 269ST
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 respect 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 bank account:

Provided that the provisions of this section shall not apply to-

(i) any receipt by-

(a) Government;

(b) any banking company, post office savings bank or co-operative bank;

(ii) transactions of the nature referred to in section 269SS;

(iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.

Section 271DA attractes a penalty 100% equals to the amount of Cash Transaction.

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