It becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet.
Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore
Reason for introduction of Section 194M This section was introduced for the purpose to cover some specified high value transactions in personal nature under TDS which was previously excluded from TDS provisions.
The CBDT in its latest notification introduced Sec 269SU under the Income Tax Act, 1961. The section is applicable to all companies or business entities with a business volume of Rs. 50 crore or more annually. Such entities must provide facilities and accept payments through digital transactions u/s 269SU. Non-compliance of this regulation shall lead to a fine of Rs. 5,000 per day.
You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan installment is less than Rs 2 lakhs.