Sundry loans

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 February 2013 If a person has given loans to many people (of small small Amounts) and shows it under Sundry loans and advance in Income Tax Computation(Balance sheet) Is it necessary that this payment or receipt of Loans and advances to be by cheque only? (Individual has got proprietory business)
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CS RAJESH C.CHOUDHARY

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CS RAJESH C.CHOUDHARY (Expert)
20 February 2013 Not necessary to receive by cheque it can also receive from cash also.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 February 2013 thanks.... but is it because the amount is small.... or is it acceptable by department for material amount also? any case law, etc?
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CS RAJESH C.CHOUDHARY

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CS RAJESH C.CHOUDHARY (Expert)
20 February 2013 No it is in small amount that's the reason cash received is Ok.
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2013 thanks a lot.........
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 August 2023 Refer the sec. 269SS & sec. 269T of IT act for the amount of cash loans.

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