by pinky khanna as we ring in the year 2018 lot of hopes are pinned on the union budget 2018 that will be presented on february 1 the budget being the second last for the bjpled government in its existing term is expected to give some freebies investmentlinked benefits to taxpayers to lower the tax burden of the common man salaried classwhile everyone is expecting a taxpayerfriendly budget next month it is worthwhile to reflect the changes that have been brought in the previous budget and what further clarity steps are required to achieve the desired results of the implemented changes the bjpled government has been upfront and vocal about its war against black money and has taken several stern steps to curb the circulation of unaccounted money in the economy one such small step towards a transparent economy was introduction of section 269st in the incometax act 1961 as per this section receipt by any person of cash payments of rs 2 lakh or more a in aggregate from a person in a day or b in respect of a single transaction or c in respect of transactions relating to one event or occasion from a person is prohibited and would attract a penalty to ensure compliance with the provisions a new penal section 271da was also introduced which imposes a penalty on the recipient a sum equal to the amount of money so received unless good and sufficient reasons are provided by the recipient for the sum so receivedwhile the intent of the government is clear to promote a digital economy and curb the circulation of black money there are a few grey areas on the applicability of section 269st which certainly requires more clarity one such concern is receipt of rent in cash by the landlord this is the most common transaction for a common man who has letout his house property to tenants where the landlord is receiving monthly rent of rs 25000 in cash the aggregate amount of rent for the whole year would exceed rs 2 lakh and may attract clause c of section 269st as stated above receipt of rent may also be construed as a single transaction to attract clause b as a whole and may trigger the provisions of section 269stthe central board of direct taxes cbdt issued a circular on july 3 2017 clarifying that receipt of monthly instalment by nonbanking finance companies nbfcs and housing finance companies hfcs towards repayment of loan provided by them will not attract section 269st it reasoned that since monthly instalments qualify as a single transaction and the instalments as a whole should not be aggregated to check the applicability of section 269st same inference may be drawn for monthly rent received by the landlord but a clarification from the government would be more than welcome to settle the doubtson the other hand section 269st would be applicable in the following cases a monthly rent received in cash for rs 2