40a(3)
This query is : Resolved
13 June 2012
suppose a cash loan of Rs 80000 is given.whether it will attract sec 40A(3),or others consequences under IT Act?
13 June 2012
Cash loan attracts Section 269SS. Section 269SS prohibits ACCEPTING loans in cash exceeding Rs. 20,000. In case of default penalty is levied equal to amount of loan.
Further, Section 269T prohibits repayment of loan in cash exceeding Rs. 20,000.
Further, Section 269T prohibits repayment of loan in cash exceeding Rs. 20,000.
13 June 2012
i am agree with siddhartha.
section 40A(3) Acctract On payment in relation to expenditure not a Loan.
section 40A(3) Acctract On payment in relation to expenditure not a Loan.
13 June 2012
Agreed with the Experts..
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