Loan given in cash
This query is : Resolved
21 July 2009
Whether Loans given in cash above Rs.20,000/- to farmers by money lender who is holding licence under money lending act can be allowed under Income Tax Act 1961.
21 July 2009
yes as per Rule 6DD , moreever its a capital nature as well
22 July 2009
Thank you
Hey
please clerify whether Section 269SS/269T or any other section as per Income Tax Act, shall be applicable for such cash payment.
Hey
please clerify whether Section 269SS/269T or any other section as per Income Tax Act, shall be applicable for such cash payment.
22 July 2009
Section 269SS deals with the cases where the assessee has received loan in cash for more than Rs. 20,000/-.
269T deals with the cases where the loans taken by the assessee has been repaid by him in cash for more than Rs. 20,000/-.
Thus in this case neither of the section will be applicable.
269T deals with the cases where the loans taken by the assessee has been repaid by him in cash for more than Rs. 20,000/-.
Thus in this case neither of the section will be applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
