Advance salart taken from employer
This query is : Resolved
15 November 2014
During the construction of the house I have taken salary advance in cash from my employer amounting to Rs 400000 in november and deposited the same in bank and returned the money in cash withdrawn from banks on in the month of feburary and march and returned the money to the employer . Can the amount taken from employer be taken as a source for submission to income tax authorities.whether the amount taken and repaid in the same year be treated as loan and section 269SS and 269T applicable . please advise
15 November 2014
The amount will be treated as loan and section 269SS and 269T applicable.
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