Understanding Section 269st Income Tax Act, 1961

These sections were introduced in order to prohibit cash transactions and promote digital transfers.

Section 269st:- This section prohibits receipt of Rs 2,00,000 or more in cash from a single party in a day or in respect of transactions pertaining to a single event or with respect to a single transaction.

This section is not applicable to:-

·       Government

·       Any banking company

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