Easy Office
LCI Learning

Payment of more than 20000

This query is : Resolved 

27 July 2015 IS FIRM CAN GIVE AMOUNT MORE THAN 20000 IN CASH TO ITS PARTNER?

27 July 2015 No. It will be a violation of sec 269SS &269T

27 July 2015 Is it make difference if amount is paid in partners current A/C??????




28 July 2015 Even in that case also.

The section specifically says that. I.e, repayment or acceptance of loans should be through account payee cheque/account payee DD/electronic mode only.
All other modes are violation.

28 July 2015 but payment was not related to loan ..it was just profit sharing to partner..then whether provisions of 20000 will apply or not?????

29 July 2015 No problem. Even then, it is not advisable. All those things are under litigation.
As a safe measure, pay it by account payee cheque/ Account payee DD or Electronic Mode.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries