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cash payment more than Rs.20000/-

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(Querist)
31 May 2011 A registered firm (eg. "Murugan Finance") can done money lending business. It has provide loans to it's customers Rs.50000/- each by cash. Whether it exceeding IT Act's rule more than 20000 cash payment.
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
06 June 2011 Yes Income tax penal provisions is applicable in this case.

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