Company has taken cash loan from another company rs.5,00,000
This query is : Resolved
28 December 2013
Hi all, One company has taken cash loan
from another company Rs.5,00,00. Is it
permissible under section 269S? If not
permissible what is the accounting or
incometax effect on the same ? Why it is
not permissible ?
28 December 2013
Section 269SS of the Income Tax Act prohibits accepting loan in cash exceeding Rs. 20,000/-
Penalty for contravention of the above mentioned provisions is equal to the amount of loan.
The restriction has been imposed to restrict use of black money.
Penalty for contravention of the above mentioned provisions is equal to the amount of loan.
The restriction has been imposed to restrict use of black money.
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