Payments through Debit Cards

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..... Payments through Debit Cards - News and Press Release Dated:- 15-7-2019 - News - As per Reserve Bank of India (RBI), the limit for purchase of goods and services through a card are decided by the card-issuer bank. As apprised by Public Sector Banks (PSBs), the maximum limit of making payment through debit card for making a purchase has not been reduced by banks. As apprised by Centra .....

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..... l Board of Direct Taxes (CBDT), Department of Revenue, the Government has taken various steps to move towards a less cash economy and reduce generation and circulation of black money. Finance Act, 2017 , section 269ST , inserted in the Income-tax Act, 1961 , provides that no person is permitted to receive an amount of ₹ 2 lakh or more:- in aggregate from a person in a day; .....

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..... in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person; otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. Further, penalty provision at the rate of 100 per cent of such amount is applicable, if amount is received in violation of the a .....

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..... bove provisions of section 269ST of the Act. This was stated by Shri Anurag Thakur, Minister of State for Finance Corporate Affairs in a written reply to a question in Lok Sabha today - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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