269ss / 269t
This query is : Resolved
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?
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.
Message likes :
1 times
15 September 2013
Logic is transparency and prevention of circulation of black money. Disclosure in 3CD, is to initiate penalty proceedings.
Message likes :
1 times
15 September 2013
Agree with Chackrapani Sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
