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Finance Act, 2017: The withdrawal limits
April 10, 2017
The Finance Act, 2017 introduced Section 269ST & 271DA to the Income Tax Act, 1961. These sections are meant for placing a restriction on receiving a sum of Rs. 2,00,000 or more as cash from an individual in a single day, in a single transaction. Though, the transactions above Rs. 2,00,000 can be done through cheque, net-banking, bank draft directly through the bank account. This act also says that the donation in cash exceeding Rs. 2000 to any charitable organization (especially NGOs), will not be considered as the deduction under the Income-tax act. The Finance Act, 2017, has gone a step further and reduced the rate of presumptive taxation from 8% to 6%, for promoting digital payments.
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