44 ab acceptance of loan / deposit or repayment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 September 2013
U/S 269SS & T methods to accept loans / deposits or for repayment only a/c payee cheques or a/c payee bank drafts are allowed. What if assessee takes or repays loans or deposits by RTGS or NEFT ?
WHAT to report in Form 3cd.
under 40A(3) SETTLEMENT through banking channels allowed but not in case of 269SS &T.
HELP ME TO REPORT IN FORM 3CD AS THERE is no provision to mention deviation?
WHAT to report in Form 3cd.
under 40A(3) SETTLEMENT through banking channels allowed but not in case of 269SS &T.
HELP ME TO REPORT IN FORM 3CD AS THERE is no provision to mention deviation?
03 September 2013
It uses the words other then a/c payee cheque or a/c payee draft,RTGS or NEFT is not covered and hence it will attract penalty u/s269SS & 269T resp.
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