Sir, 269ss and 269st restricts cash transaction of accepting any loan and refund of the same in excess of 20000 Bt what if I provide a loan of 30000 in cash and accepts the same amount in cash? Will it be admissible in my hands
22 May 2017
269SS:- 1.Scope of the section - loans, deposits and specified sum 2.Burden of the section is on -Person taking or accepting 3.Monetary threshold for the section- 20000 4.Any carve outs in the section :- This section does not apply to : (i) Government; (ii) any banking company, post office savings bank or co-operative bank; (iii) any corporation established by a Central, State or Provincial Act; (iv) any Government company (v) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette 5. Penal section 271D
22 May 2017
269ST :- 1. Scope of the section - Any payment 2.Burden of the section is on -Person receiving any payment 3.Monetary threshold for the section- 200000 4.Any carve outs in the section - This section does not apply to: (i) any receipt by— (a) Government; (b) any banking company, post office savings bank or co-operative bank; (ii) transactions of the nature referred to in section 269SS; (iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify. 5. Penal section -271E
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