Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies

Section 269ST inter-alia prohibits receipt of an amount of two lakh rupees or more (hereinafter referred to as ‘the prescribed limit ‘) by a person, in the circumstances specified therein, through modes other than by way of an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed.

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