You can reimburse your credit add up to any HFC (Housing money organization) or NBFC (Non-banking account organization) in real money gave each advance portion is not as much as Rs 2 lakh.
The legislature in the last spending plan presented Section 269ST. Under the segment, money exchanges surpassing Rs.2 lakh are denied with the end goal of advancing the computerized economy.
Area 269ST forbids any individual to get a measure of Rs.2 lakh or more in real money:
(I) In total from an individual in a day, or
(ii) In a solitary exchange, or
(iii) In regard to exchanges identifying with one occasion or event from an individual.
In the wake of presenting this area, different portrayals were sent by NBFCs and HFCs with regards to whether the constraint of Rs.2 lakh will apply to one portion of advance reimbursement or for the entire measure of such reimbursement.
In this unique circumstance, the annual duty division explained that in the event that you are reimbursing the credit to NBFCs or HFCs, the one portion of advance reimbursement will establish a solitary exchange. Thus if the single advance portion sum is under Rs.2 lakh, it very well may be paid in real money. All the portions paid for credit will not be collected for the reasons for deciding the relevance of Rs.2 lakh limit.
Rejections from the extent of area 269ST
This area won’t have any significant bearing too-
any financial organization
post office investment funds bank
different people/receipts as might be informed
Exchanges alluded to in segment 269SS (pulled in when we acknowledge a credit from any individual) will be avoided from the extent of the new segment 269ST.
a. In the event that one sells products worth Rs 4,50,000 through three unique bills of Rs.150,000 each to one individual and acknowledges money in 1 single day at various occasions at that point area 269ST(a) will get abused.
b. In the event that one sells products worth Rs 500,000 through a solitary bill to someone else and gets the money of 2,50,000 on day 1 and another 2,50,000 on day 2 at that point area 269ST(b) will get disregarded.
c. ABC acknowledges the request of cooking, design and tent for the marriage occasion of XYZ. He acknowledges money of Rs.1,00,000 for providing food Rs 1,50,000 for design and Rs.1,50,000 for tent work at that point segment 269ST(c) will get disregarded regardless of whether money is acknowledged on various dates. All the money exchanges identified with a similar event the marriage of Y.
In all the three cases, segment 269ST gets disregarded and punishment u/s 271DA is relevant.
Presentation of Penal Provisions
The administration has additionally conferred punishment arrangements if Section 269ST is disregarded. On the off chance that an individual gets the sum in real money over the above-indicated cutoff of Rs.2 lakh, he is at risk to take care of a punishment equivalent to the sum got in real money. Subsequently, it is imperative to guarantee that you don’t get money of Rs.2 lakh or more in a solitary exchange, total from an individual in a day, or in regard to exchanges identifying with one occasion or event from an individual.
(According to the CBDT roundabout no 22/2017 dated third July 2017)