269 ss of income tax act,1961
This query is : Resolved
16 April 2012
If i take loan of Rs 10,000 in cash and Rs 11,000 through Cheque in the same previous year, whether provision of Sec 269SS is applicable?
What will be the answer in vice-versa
i.e.
If i take loan of Rs 10,000 through cheque and Rs 10,000 in cash in the same previous year, whether provision of Sec 269SS is applicable?
What will be the answer in vice-versa
i.e.
If i take loan of Rs 10,000 through cheque and Rs 10,000 in cash in the same previous year, whether provision of Sec 269SS is applicable?
CA. Hari Kishan
(Expert)
16 April 2012
269SS state that where loan are accepted in cash.. once the account touch 20000 mark every rupee there on shall be transcated in cheque only. There fore it would be advised to report it but penal provision shall not attract.
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CA PRAVEEN SINGH
(Expert)
16 April 2012
AGREE WITH ABOVE EXPERT.
SEC 269SS ACCEPTANCE OF LOAN APPLICABLE ON RS 20000 OR MORE.
SEC 269SS ACCEPTANCE OF LOAN APPLICABLE ON RS 20000 OR MORE.
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CA CS Amit S. Kedia
(Expert)
16 April 2012
Dear Sumit,
As per the provisions of Section 269SS, the amount of loan taken should not exceed Rs 20000 in cash at any point of time during the year.
The provision are applicable even if you have taken loan by cheque and thereafter again loan was taken in cash and limit crosses but the same is not applicable in vice versa.
For example-
1st loan from A- Rs. 15000 by cheque another loan form A in cash for more than Rs.5000 then transaction will hit by Section 269SS.If the first loan was taken in cash and second loan by cheque then the provisions could not have applyied.
As per the provisions of Section 269SS, the amount of loan taken should not exceed Rs 20000 in cash at any point of time during the year.
The provision are applicable even if you have taken loan by cheque and thereafter again loan was taken in cash and limit crosses but the same is not applicable in vice versa.
For example-
1st loan from A- Rs. 15000 by cheque another loan form A in cash for more than Rs.5000 then transaction will hit by Section 269SS.If the first loan was taken in cash and second loan by cheque then the provisions could not have applyied.
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