269ss and 269t
This query is : Resolved
Hardik R Shah
(Querist)
22 October 2013
section 269t given no branch of banking co or co operative society or firm can repay any loan or deposits other than account payee cheque or demand draft.
But exemption list given this is not applicable to banking company or co operative bank?
what is the provision say......
But exemption list given this is not applicable to banking company or co operative bank?
what is the provision say......
22 October 2013
section 269t is applicable to all the assessee.
bank and its branches is exempted from the section.
kindly refer this for more details
https://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2005itact/section269t.htm
bank and its branches is exempted from the section.
kindly refer this for more details
https://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2005itact/section269t.htm
22 October 2013
Preamble says about repayment of loan made BY banking company or a co-op bank....
Proviso speaks about repayment of loan TO bank.....
Proviso speaks about repayment of loan TO bank.....
Hardik R Shah
(Querist)
22 October 2013
Sir Ji,
But provison it selft told apply to brach of bankin company and
provison of exemption also told not appy to banking company what to do?
But provison it selft told apply to brach of bankin company and
provison of exemption also told not appy to banking company what to do?
Hardik R Shah
(Querist)
22 October 2013
sir...
bank can repayment of loan of above rs.20000.by banking company
bank can repayment of loan of above rs.20000.by banking company
22 October 2013
Bank cannot repay more than Rs.20,000/- in cash. Refer preamble of the section.
But a person can repay a bank loan more than Rs.20,000/-in cash. Refer proviso.
But a person can repay a bank loan more than Rs.20,000/-in cash. Refer proviso.
Hardik R Shah
(Querist)
22 October 2013
ok.......sir ji thank you.
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