269ss
Vikash (G) (393 Points)
10 November 2017
Loan taken from person in cash who is not having taxable income whether 269ss applicable or exempted
5 Replies
B Vinay Reddy
(Hyderabad )
(7842 Points)
Replied 10 November 2017
Section- 269SS- No person shall accept any loan/deposit in cash of Rs. 20,000 or more.
Cash loan from a person should not be 20,000 or more at any point of time. E.g- A took loan from B Rs.18,000 in cash. Now A cannot take more than Rs. 1999 from B in cash.Section 271D - if a loan or deposit is accepted in contravention of the provisions of section 269SS then a penalty equivalent to the amount of such loan or deposit may be levied by the Joint commissioner.
Section- 269T- No person shall Pay any loan/deposit in cash of rs 20,000 or more.
In the above e.g.- B cannot pay more than 1999 to A in Cash.On Contraventions, penalty U/s 271E is attracted which is 100% of the amount repaid.
Cash loan from a person should not be 20,000 or more at any point of time. E.g- A took loan from B Rs.18,000 in cash. Now A cannot take more than Rs. 1999 from B in cash.Section 271D - if a loan or deposit is accepted in contravention of the provisions of section 269SS then a penalty equivalent to the amount of such loan or deposit may be levied by the Joint commissioner.
Section- 269T- No person shall Pay any loan/deposit in cash of rs 20,000 or more.
In the above e.g.- B cannot pay more than 1999 to A in Cash.On Contraventions, penalty U/s 271E is attracted which is 100% of the amount repaid.
Vikash
(G)
(393 Points)
Replied 10 November 2017
If a person had given a loan of 200000 in cash to B. Now B pay loan in cash on whom penalty is applicable
B Vinay Reddy
(Hyderabad )
(7842 Points)
Replied 10 November 2017
Penalty will be levied on RECEIVER
rama krishnan
(12239 Points)
Replied 14 November 2017
in case of 269SS, receiver of the loan and in the case of 269T, repayer of the loan
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