Section 269ST in the Income Tax Act

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sankaripr asked 9 years ago

Dear Sreekanth I recently read one of the article that 2017-18 Budget, Finance Minister had proposed to ban cash transaction and insert new section "The newly inserted section 269ST in the Income Tax Act bans such cash dealings on a single day.." statement my friend native Chennai, Tamilnadu, India.. currently working in Dhubhai, he sent money(More than 2 Lakhs per day) to chennai account for some family purpose. he had own account in Private bank in chennai. Question:

Above statement is it applicable for 269ST in the Income Tax Act?
I transfer money through RTGS to another account More than 2 Lakhs per day,is it applicable for 269ST in the Income Tax Act?

Thanks

sankaripr replied 9 years ago

Dear Sreekanth..

Thanks for valuable Reply..

i want more information about this ….

my friend transfer money for family purpose more than 2 Lakhs through Exchange mode from Dubai to India (he having own saving Account)..

is it applicable for 269ST in the Income Tax Act?

Thanks

2 Answers

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Sreekanth Staff answered 9 years ago

Hi, If the mentioned transactions are done through online fund transfer (Bank) then Section 269ST is not applicable. Kindly read : https://www.relakhs.com/rs-2-lakh-cash-transaction-limit/

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Sreekanth Staff answered 9 years ago

Hi, No, its not applicable.

sankaripr replied 9 years ago

Thanks Srikanth

sankaripr replied 9 years ago

Thanks Srikanth