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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new-500-100o-rupee-notes

India wakes up today morning with the knowledge that all the currency notes they have in the twin denominations of Rs.500 and Rs.1,000 have been demonetised.

Years after the fall of its twin towers this very day is forgotten, as America is busy counting votes, Indians are busy counting notes. Ironically, the twin syndrome still seems to haunt us, for us it is the fall of the twin currency, the two biggest denomination notes which dominated the cash transactions in this country since a long time.

Lauded by most, ridiculed by some, this sudden move has even left some spellbound in shock and disbelief. But let me be candid to say that the move has taken the nation by surprise.

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Balance in life is all about making choices and enjoying those choices. Everyone needs to make choices in different stages of our lives and how we are able to enjoy these choices that we make is what makes our life balanced.

Investment, like life, is also all about making the right choices. Life is full of uncertainties and so is the market. So it is very imperative that the choices that we make use of these risks to mitigate them to the least and thus achieve the maximum returns.

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