Clarifications in respect of section 269ST of the Income-tax Act, 1961

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..... 269ST of the Income-tax Act, 1961 With a view to promote digital economy and create a disincentive against cash economy, a new section 269ST has been inserted in the Income-tax Act, 1961 (the Act) vide Finance Act, 2017 . The said section inter-alia prohibits receipt of an amount of two lakh rupees or more by a person, in the circumstances specified therein, through modes other than by wa .....

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..... of one instalment of loan repayment in respect of a loan shall constitute a single transaction as specified in clause (b) of section 269ST of the Act and all the instalments paid for a loan shall not be aggregated for the purposes of determining applicability of the provisions section 269ST . (Salil Mishra) Director (Tax Policy Legislation) Copy to:- 1. PS to FM/ OSD to .....

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