269ss and 269t

This query is : Resolved

Hardik R Shah (Querist)
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22 October 2013 section 269t given no branch of banking co or co operative society or firm can repay any loan or deposits other than account payee cheque or demand draft.

But exemption list given this is not applicable to banking company or co operative bank?

what is the provision say......

CA Harish Shyam Choudhary

CA Harish Shyam Choudhary (Expert)
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22 October 2013 section 269t is applicable to all the assessee.

bank and its branches is exempted from the section.

kindly refer this for more details

http://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2005itact/section269t.htm

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 October 2013 Preamble says about repayment of loan made BY banking company or a co-op bank....

Proviso speaks about repayment of loan TO bank.....

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Hardik R Shah

Hardik R Shah (Querist)
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22 October 2013 Sir Ji,

But provison it selft told apply to brach of bankin company and

provison of exemption also told not appy to banking company what to do?

Hardik R Shah

Hardik R Shah (Querist)
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22 October 2013 sir...

bank can repayment of loan of above rs.20000.by banking company

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 October 2013 Bank cannot repay more than Rs.20,000/- in cash. Refer preamble of the section.

But a person can repay a bank loan more than Rs.20,000/-in cash. Refer proviso.

Hardik R Shah

Hardik R Shah (Querist)
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22 October 2013 ok.......sir ji thank you.