Receipts/ Entities Exempt from IT Provisions u/s 269ST: CBDT Notification 57/2017

CBDT Notifies the Receipts/ Entities which are Exempt from Provisions u/s 269ST of the Income Tax Act, 1961

In relation to the provisions under Section 269ST of the Income Tax Act, 1961 on prohibition of cash receipts above Rs. 2 lacs, the CBDT has notified exemptions/ cases where the same shall not be applicable, w.e.f. 1 Apr. 2017, as under:

Receipts/ Entities Exempt from Sec. 269ST: CBDT Notification 57/2017 Income Tax dt. 3 Juy 2017

S.O. 2065(E).- In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely:-

(a) receipt by a business correspondent on behalf of a banking company or co-operative bank, in accordance with the guidelines issued by the Reserve Bank of India;

(b) receipt by a white label automated teller machine operator from retail outlet sources on behalf of a banking company or co-operative bank, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);

(c) receipt from an agent by an issuer of pre-paid payment instruments, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);

(d) receipt by a company or institution issuing credit cards against bills raised in respect of one or more credit cards;

(e) receipt which is not includible in the total income under clause (17A) of section 10 of the Income-tax Act, 1961.

2. The notification shall be deemed to have come into force with effect from the 1st day of April, 2017.

Related Posts:

CBDT Clarification on Aggregation of Loan Installments u/s 269ST by NBFCs and HFCs

No Penalty u/s 269ST on Cash Withdrawals above Rs. 2 Lacs from Bank: CBDT

Leave a Reply


Please Signup for 

CA Club's Daily Updates via Email

(After submitting your email below, please check your inbox. Open the email from Feedburner and click on the confirmation link... That's All)