{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"84","heading":"Insertion of new section 269ST","text":"Insertion of new section 269ST. 84 . After section 269SS of the Income-tax Act, the following section shall be inserted, namely:— '269ST. Mode of undertaking transactions.—No person shall receive an amount of two lakh rupees or more— (a) | in aggregate from a person in a day; or (b) | in respect of a single transaction; or (c) | 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 use of electronic clearing system through a bank account: Provided that the provisions of this section shall not apply to— (i) | any receipt by— (a) | Government; (b) | any banking company, post office savings bank or co-operative bank; (ii) | transactions of the nature referred to in section 269SS; (iii) | such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify. Explanation.—For the purposes of this section,— (a) | \"banking company\" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS; (b) | \"co-operative bank\" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.'.","html":"

Insertion of new section 269ST.

84 . After section 269SS of the Income-tax Act, the following section shall be inserted, namely:—

'269ST. Mode of undertaking transactions.—No person shall receive an amount of two lakh rupees or more—

(a)in aggregate from a person in a day; or
(b)in respect of a single transaction; or
(c)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 use of electronic clearing system through a bank account:

Provided that the provisions of this section shall not apply to—

(i)any receipt by—
(a)Government;
(b)any banking company, post office savings bank or co-operative bank;
(ii)transactions of the nature referred to in section 269SS;
(iii)such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.

Explanation.—For the purposes of this section,—

(a)\"banking company\" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;
(b)\"co-operative bank\" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.'.
","words":210,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/84/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}