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Questions and Answers
What is the maximum amount of cash that can be received in a day according to the new section 269ST?
Which of the following modes of payment are NOT allowed under section 269ST?
Which of the following transactions are exempt from the rule under section 269ST?
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.
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Description
Test your knowledge on the new section 269ST of the Income-tax Act with this quiz. Learn about the restrictions on cash transactions, acceptable modes of payment, exemptions, and the purpose of this newly added section. This quiz will help you understand the intricacies of this section and keep you updated on the latest amendments to the Income-tax Act.
