Distributorship Contracts Alone would not Attract Penalty for Cash Transaction Exceeding Rs. 2 Lakh for Co-operative Societies: CBDT [Read Circular]

Distributorship Contracts - Penalty - Cash Transaction - Co-operative Societies - CBDT - taxscan

The Central Board of Direct Taxes ( CBDT ) has issued an instruction clarifying that the provisions of section 269ST of the Income Tax Act, 1961 for the imposition of penalty for cash transactions exceeding Rs. 2 lakh for the Co-operative Societies on the basis of dealership/distributorship contracts alone. Section 269STof the Income Tax Act,…

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