Mr. Naveen is an employee working in a public sector company. He repaid a loan in cash of ` 24,000 (including interest of ` 5,000), which he took from his friend for higher studies. What will be the consequence of the said transaction for A.Y. 2021-22?
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 05 May 2021
But cash can be paid 10000 rupees in a single transaction. It might be disallowed
ayusmita
(Tax consultant)
(5885 Points)
Replied 05 May 2021
If will be treated as unpaid as per the provision of act of session 269SS and 269T
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