one of sec 44ada I.t. return filed assess cash loan(not a trading purposes) to one debtor Rs:6 lacs Dt:20-10-2020 payment through on bank mode .but Same debtor some part amount repayment Rs:1,90,000/- cash mode received Dt:1,90,000/- Dt:20-10-2020.
question:
Assess cash receipts received allowed in I.t. act and penalty applicable.
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Cash receipts allowed
Replies (1)
Just make sure now this loan transaction should be in bank to bank book no more in cash
no penalty as it's not 2 lakh or above
no penalty as it's not 2 lakh or above
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