respected members
I have cash paid to one friend rs.450000 so this entry is unsecured loan or loans and advances.
thank u in advance
6 Replies
Kapadia Pravin
(17264 Points)
Replied 31 January 2021
It's Loans and Advances paid . However mode of payment that is cash will invite penalty 100% of such amount.
rama krishnan
(12244 Points)
Replied 31 January 2021
Penalty will attract in the hands of recipient only
Kamlesh Tolani
(accountant)
(563 Points)
Replied 31 January 2021
Sir his not repay this loan so I have case on this party.
Kapadia Pravin
(17264 Points)
Replied 31 January 2021
Very much right. Also the lender has to prove the bonafides source of cash 4.50 lakhs. So trouble will be on both sides.
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 31 January 2021
This is loan and advance for u and unsecured loan for your friend. penalty of 100% amount will levied.
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 01 February 2021
You cannot pay any sum in cash if amount of loan exceeding Rs. 20000 .It will attracts 100% Penalty u/s 271E on violation of Sec 269T
Recent Topics
- Capital Gains on Industrial Property...
- While making correction in form-26QB getting "
- Https://github.com/nourix-aftonbladet-danmark-apot
- Late interest penalty of missed invoice forgot to
- LONG TERM CAPITAL GAIN ON HOUSE
- WOS in Mauritius, LRS,Accounting
- AP of Business under gst
- PAYING RCM AND AVAILING INPUT ON TRANSPORT CHARGES
- SELF INVOICE FIRMAT OF RENT
- Retrospective effect of Section 12A.
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
