269SS & 269T
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 May 2011
For accepting deposits/loans more than Rs.20,000 in cash by individual(X) from his HUF (X(HUF))whether provision of sec 269ss and 269T will be attracted and consequently penalty u/s 271D will be leviable?
CA MANOJ GUPTA
(Expert)
30 May 2011
FOR INCOME TAX PURPOSES INDL AND HUF ARE SEPARATE TAX ENTITIES HENCE THESE PROVISIONS WILL APPLY
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