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40a(3)

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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?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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C.A Anshul Singhal

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C.A Anshul Singhal (Expert)
13 June 2012 i am agree with siddhartha.
section 40A(3) Acctract On payment in relation to expenditure not a Loan.
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Yogesh Agarwal

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Yogesh Agarwal (Expert)
13 June 2012 Agreed with the Experts..

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