We have heard the adage, “where there is a will, there is a way”. This maxim may be so true during our life, but does it hold good even after our death?

If we have to have our way, even when we are not alive and kicking any more in this world, then I would suggest that we tweak this proverb a bit and say, “Will is the only way”.

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The single biggest tax reform in the history of the nation has finally become a reality. Goods and Services Tax has become a matter of our lives for ever.

This overhaul of the country’s tax regime is believed to unify the entire population of 1.3 billion and the economy of the country worth US$ 2 trillion into one unified common market.

It’s no mean matter that GST is the topic of discussion for everyone. In a scenario where everyone has a comment on this subject, let us really understand the gist of the matter.

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Understanding the new Section 269ST of the Income Tax Act, 1961

INR 3 lakhs ceiling on cash transactions

In the Union Budget, 2017, Finance minister Mr. Arun Jaitley had emphasised the need to address black money formation and had proposed a ban on cash transactions over INR 3 lakhs.

To enforce this, a new section 269ST has been proposed in the Income-tax Act, 1961.

This new Section states that no person shall receive an amount of INR 3 lakhs or more from another person in a single day, for a single transaction, in any other form other than a cheque, bank draft or an electronic bank transfer.

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