06 November 2017
Suppose a Partnership firm dealing in Finance & Leasing takes Interest from Loan given in Cash. Example- Rs. 1,00,000/- Loan given and Interest of Rs. 1,250/- per month. So Rs. 1250 can be received in cash monthly?
06 November 2017
I dont think there are any restriction on recieving cash in lieu of Interest Income from Financing Activities except newly inserted section 269ST according to which reciept in cash should not exceed 2 Lakh on a single day or against a single transactions.
06 November 2017
Cash Payment* Above 10k is restricted u/s 269SS....
Querist :
Anonymous
Querist :
Anonymous
(Querist)
06 November 2017
Here i am asking for Receiving Rs. 10000/- and above interest in cash. No question of payment as strictly prohibited u/s 26955. Please let me know if there are any implications if we receive interest in cash.
06 November 2017
Yes... I agreed No implications of Receipt...
But, He/She asking (If Interest of Rs. 20000/- paid in cash). So, I said it's not allowed....