06 May 2011
I am running an education institute and provide training to students and prepare them for study outside India. Students pay us Fee and other expenses in Cash. We arrange seat for student and prepare the demand drafts from our account (about 4 lakh). Now my humble request is to know whether these transactions are covered under section 269SS and 269T. Kindly advise me with some legal decision on it.
07 May 2011
These transactions dont come under the purview of the Sections 269SS and 269T. These are the fees advances received which shall be paid by you on their behalf. I do not have any update about any prevailing judgement in this case, but I am sure that Sections 269SS and 269T wont apply. The sections deal with the Acceptance of Loan or Deposit or Repayment thereof. And the fees advance is neither a loan nor a deposit.
CAclubindia
