MADHU MITTAL (DIRECTOR) (192 Points)
13 August 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 13 August 2016
NO
Section 269SS of the Income Tax Act prohibits any person from taking or accepting from any other person any loan or deposit in any other way than by cheque or bank draft where the amount is more than Rs 20,000. Similarly, Section 269T prohibits the re-payment of any loan or deposit other than by cheque or bank draft, if the amount is more than Rs 20,000.
There is exemption to Any banking company, post office saving bank or cooperative bank
Non-Banking Financial Company is a company registered under the Companies Act, 1956 and regulated by the Central Bank, AND has not been included under the exemption.
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