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.
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
CAclubindia
