Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What is the maximum amount of cash that can be received in a day according to the new section 269ST?
What is the maximum amount of cash that can be received in a day according to the new section 269ST?
- Rs. 4 lakh
- Rs. 1 lakh
- Rs. 3 lakh
- Rs. 2 lakh (correct)
Which of the following modes of payment are NOT allowed under section 269ST?
Which of the following modes of payment are NOT allowed under section 269ST?
- Electronic clearing system through a bank account
- Account payee bank draft
- Account payee cheque
- Cash payment (correct)
Which of the following transactions are exempt from the rule under section 269ST?
Which of the following transactions are exempt from the rule under section 269ST?
- All of the above (correct)
- Banking companies
- Post office savings bank
- Government receipts
Flashcards are hidden until you start studying
Study Notes
- A new section 269ST is being inserted into the Income-tax Act.
- No person can receive Rs. 2 lakh or more in cash in a day, single transaction or for one event/occasion.
- Payment must be made through an account payee cheque, account payee bank draft or electronic clearing system through a bank account.
- The rule does not apply to government receipts, banking companies, post office savings bank or co-operative bank transactions, or receipts specified by the Central Government.
- The term "banking company" has the same meaning as in section 269SS.
- The term "co-operative bank" has the same meaning as in section 269SS.
- The purpose of this section is to regulate the mode of undertaking transactions.
- The section is being added after section 269SS.
- The section is numbered as 269ST.
- The section is being added by the Income-tax (13th Amendment) Rules, 2016.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
