Section 269ST : Explanation with practical example

Introduction of Section 269ST: Cash forms the base for any business or profession. There is always continuous cash cycle to keep a business moving and enter all daily transaction. Cash transaction many times means chances of tax evasion or generation of black money. There are many sections under Income tax that governs the limits of cash transaction, let me highlight a few sections to elaborate on cash transaction and their respective limits.     Section 40 of Income Tax under Income from Business and profession section: Section 40A(2) and (3) are sections which checks tax evasion by disallowing cash...

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