Who Need Not Fear Cash Receipt Ban u/s 269ST ?

0
183
Print Friendly

penalty for cash receiptSection 269ST of the Income Tax Act introduced vide Finance Act 2017 is revolutionary idea to restrict the cash transactions in a country that is famous as cash economy. So , enacting a law to impose a very heavy penalty on cash transactions is certainly going to affect a large number of persons , specially business man for whom the restriction on expenditure is already in lace for quite long period of time in form of section 40A(3) dis-allowance . But  , unlike section 40A(3) which affected mainly small and medium business entities, the provision u/s 269ST will hit all , -large small or common men who have to spent on various occasions like marriage , birthday, religious functions etc. The site has created a simple to understand video on section 269ST that is followed with FAQs

greenblueyellow