Amendment of section 269ST.
58. In section 269ST of the Income-tax Act, in the long line, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of September, 2019.
Notes on Clauses:
Clause 58 of the Bill seeks to amend section 269ST of the Income-tax Act relating to mode of undertaking transactions.
The said section prohibits a person from receiving an amount equal to two lakh rupees or more in aggregate from a person in a day or 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 an account payee bank draft or by use of electronic clearing system through a bank account. It is proposed to amend the said section so as to empower the Board to make rules to prescribe any other electronic mode of undertaking transactions.
This amendment will take effect from 1st September, 2019.
