Tell me than if X has taken a cash as Loan of rs.15000 in may and 15000 in june..
in this case total amount is not > 20000 rs. but aggregate amount is excedding 20000 so X is cover under 296SS or not.
4 Replies
Dinesh Kumar Agarwal
(Article clerk)
(117 Points)
Replied 18 September 2010
269SS. No person shall, after the 30th day of June, 1984, take or accept from any other person (hereafter in this section referred to as the depositor), any loan or deposit otherwise than by an account payee cheque or account payee bank draft if,—
(a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),
is [twenty] thousand rupees or more :
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 18 September 2010
Yes.
Read as " Aggregate Amount"
HITESH
(chartered accountant)
(441 Points)
Replied 18 September 2010
if the payment is below 20,000
we can do it by cash
or not?
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