14 September 2013
As per section 269SS/T, assessee cant accept/repay any loan/deposit except by account payee cheque/draft...
Accordingly we have to give disclosure as stated in demanded in form 3CD.
But, what is the logic of this provision?? It is only disclosure. Such payment or acceptance of loan/deposit doesnt disallow the loan/deposit. What is the logic of government?
15 September 2013
Acceptance or repayment exceeding Rs. 20000/-otherwise than a/c. payee cheque or draft attracts penalty equal to basic amount which will be more than tax on amount of loan or repaid amount.
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