269 DD
This query is : Resolved
12 May 2010
MY CLIENT WHO IS DOING FINANCE BUSINESS HAS GIVEN A LOAN TO HIS CUSTOMER FOR RS 1 LAKH BY CHEQUE.
THE EMI AMOUNT IS RS 22,000.
CAN MY CLIENT RECEIVE THIS AMOUNT EVERY MONTH IN CASH.OR SHOULD HE RECEIVE IT ONLY BY CHEQUE.
WILL SECTION 269 SS BE ATTRACTED?
THE EMI AMOUNT IS RS 22,000.
CAN MY CLIENT RECEIVE THIS AMOUNT EVERY MONTH IN CASH.OR SHOULD HE RECEIVE IT ONLY BY CHEQUE.
WILL SECTION 269 SS BE ATTRACTED?
chetan soni
(Expert)
12 May 2010
Sec. 269 SS is applicable when you take any advance or loan in cash. But in your case the repayment in cash is for the loan earlier given. This will not be covered under sec 269SS.
The person repaying this will be covered in sec. 269SS in his books of accounts.
The person repaying this will be covered in sec. 269SS in his books of accounts.
12 May 2010
but will section 269 D get attracted to the person receiving it in cash in this case
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