Section 269ss & 269t

This query is : Resolved

PRASHANT SHARMA (Querist)
Follow

18 September 2013 SIR, We are showing all transaction of UNSECURED LOANS (in both payment and taken) if it exceeds more than Rs. 20000/- during the financial year even if all the transactions are done through BANK under Section 269SS & 269T. BUT some say that it is only required in case of CASH transactions only. Please throw some light in this regarding.....

2)While Showing Repayment Amount, Interest on Loan Amount Paid is also added or not?

3)If only Interest on Loan is paid more than Rs. 20000/-( without any repayment of Loan), then it is required to show under Section 269T or not?

4) If we paid Rs. 95000/- in cash by bifurcating into Rs. 19000/-(i.e. 19000*5), is it required to show under the section? is it disallowed or not as we have paid it in cash? If we have paid Rs. 25000/- in cash to pay the loan, will it be disallowed or not??? Sir, Please make clear all these points and throw some light on SECTION 269SS & 269T....

Please...

WITH REGARDS

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

18 September 2013 Any loan paid otherwise then by Account Payee Cheque or draft (means in cash) exceeding 20,000 shall be liable for a penalty of equal amount of loan.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Uzma Khan

B.K.RAJANDHERAAN

ASHOK KUMAR TEKURU

Amit Chaturvedi

KAVITA CHAUHAN

Subscribe Now

Section 269ss & 269t

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA