CA Pratibha Goyal | Sep 5, 2023 |
Case Studies on Section 269ST of Income Tax
As per 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 an electronic clearing system through a bank account or through such other electronic mode as may be prescribed.
The following entities are exempt u/s 269ST of Income Tax:
(b) any banking company, post office savings bank or cooperative bank;
Further as per NOTIFICATION NO. SO 2065(E) [NO.57/2017 (F.NO.370142/10/2017-TPL)], DATED 3-7-2017 the provision of section 269ST shall not apply to the following, namely:
(a) receipt by a business correspondent on behalf of a banking company or co-operative bank, in accordance with the guidelines issued by the Reserve Bank of India;
(b) receipt by a white label automated teller machine operator from retail outlet sources on behalf of a banking company or co-operative bank, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);
(c) receipt from an agent by an issuer of pre-paid payment instruments, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);
(d) receipt by a company or institution issuing credit cards against bills raised in respect of one or more credit cards;
(e) receipt which is not includible in the total income under clause (17A) of section 10 of the Income-tax Act, 1961.
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