269ss / 269t
This query is : Resolved
CA JAYESH RELKAR
(Querist)
14 September 2013
As per section 269SS/T, assessee cant accept/repay any loan/deposit except by account payee cheque/draft...
Accordingly we have to give disclosure as stated in demanded in form 3CD.
But, what is the logic of this provision??
It is only disclosure. Such payment or acceptance of loan/deposit doesnt disallow the loan/deposit. What is the logic of government?
Accordingly we have to give disclosure as stated in demanded in form 3CD.
But, what is the logic of this provision??
It is only disclosure. Such payment or acceptance of loan/deposit doesnt disallow the loan/deposit. What is the logic of government?
Prakash Kochar
(Expert)
15 September 2013
Acceptance or repayment exceeding Rs. 20000/-otherwise than a/c. payee cheque or draft attracts penalty equal to basic amount which will be more than tax on amount of loan or repaid amount.
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15 September 2013
Logic is transparency and prevention of circulation of black money. Disclosure in 3CD, is to initiate penalty proceedings.
Message likes :
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15 September 2013
Agree with Chackrapani Sir
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