Query about 269ss, 269tt, 40a for transactions

Tax queries 328 views 1 replies
1. My Client have Unsecured Loan of Rs. 112000/- with interest. He paid Rs. 100000/- by cheque but remaining Rs. 12000/- by cash is any penalty Section attract.
 
2. Receiving Advance Cash Rs.19500/- per day against Sales transaction in future which invoice value is Rs. 2,00,000/-. is any penalty Section attract.
 
3. Payment of Bill Rs. 2,00,000/- after sales transaction paid Rs. 19500/- per day and Receipts taken. is allowed or not? Expert Comments Please.

 
Replies (1)

Sec 269SS and Tt are applicable only in TAX audit cases.

Further, if you go through the sections, It clearly states that transaction limit for cash is 20000/- in the year. So point no. 1.: No Penalty.

2. No penalty

3. No Penalty


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