banner_ad

40a(3)

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 June 2012 suppose a cash loan of Rs 80000 is given.whether it will attract sec 40A(3),or others consequences under IT Act?
Profile Image

CA Siddhartha Bhardwaj

Profile Image

CA Siddhartha Bhardwaj (Expert)
13 June 2012 Cash loan attracts Section 269SS. Section 269SS prohibits ACCEPTING loans in cash exceeding Rs. 20,000. In case of default penalty is levied equal to amount of loan.

Further, Section 269T prohibits repayment of loan in cash exceeding Rs. 20,000.
Profile Image

C.A Anshul Singhal

Profile Image

C.A Anshul Singhal (Expert)
13 June 2012 i am agree with siddhartha.
section 40A(3) Acctract On payment in relation to expenditure not a Loan.
Profile Image

Yogesh Agarwal

Profile Image

Yogesh Agarwal (Expert)
13 June 2012 Agreed with the Experts..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
05 May 2026
Accountant

Sanjay K Pathak & Associates

Noida

Graduate (Any)

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
ARTICLESHIP 02 May 2026
Accounts and Audit Assistant

Kothawade and Laddha

Thane

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
04 May 2026
Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
04 May 2026
Articleship

S.K Gairola & CO

New Delhi

B.Com

View Details