Income Tax Act u/s 269

👉 Hello Friend's

Today i will show some thing about  you against Income Tax Act U/s 269.

According to U/s 269, this will be applicable to all those who receive more than two lakh rupees cash. 
This has been included in the direction of Cashless India, so that the trader can take 2 lakh from the same business person or other person at the same time receive payment from check.

 100% penalty if taken more than 2 lakh cash

Section 269SS:

subject to specified exceptions, a person shall not take or accept loan/deposit from other person otherwise than by the prescribed banking channels i.e. A/c payee cheque or account payee bank draft or by use of electronic clearing system so that the aggregate from such person is Rs.20000/- or more.

Section 269T:

loan or deposit shall not be repaid, otherwise than by an Account payee cheque or bank draft or online transfer, if the amount of loan or deposit is Rs. 20,000 or more.