Section 269ss
This query is : Resolved
30 September 2013
Sir what is section 269ss of income tax?
01 October 2013
In a nutshell, the section states that any loan or advance over Rs20,000/- cannot be made in cash, but only cheque / draft / NEFT / RTGS, etc., i.e. bank trail is mandatory.
Hence, also setting off of loan against receivable is also not permitted.
Hence, also setting off of loan against receivable is also not permitted.
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