WHAT ARE THE CONSEQUENCES OF CASH LOAN GIVEN TO ANY EMPLOYEE IN EXCESS OF20,000/- ?
2 Replies
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 05 July 2011
Hi, loan in excess of Rs 20000 will definitely attract the provisions of section 269SS and the employee will be held guilty under section 271D , and penalty Equal to loan amount accepted may be levied by assessing officer . However it will not be included in his income .
Zakariya Wangde
(Articled assistant)
(56 Points)
Replied 06 July 2011
what will be the consequences for the employer?
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