About Section 271 D
This query is : Resolved
Anwar Shaikh
(Querist)
17 December 2009
Dear Experts
If an individual assessee who does not have Tax audit, (Assume (1) he is a salaried employee, OR (2) He is a Business man who does not have turnover more than 40 Lacs) accepts unsecured loan of Rs.1,00,000 from his relative in CASH, then can section 271 D is applicable.
Or Section 271 D is applicable to only those assessee who has tax audit.
Please clear my doubt.
If an individual assessee who does not have Tax audit, (Assume (1) he is a salaried employee, OR (2) He is a Business man who does not have turnover more than 40 Lacs) accepts unsecured loan of Rs.1,00,000 from his relative in CASH, then can section 271 D is applicable.
Or Section 271 D is applicable to only those assessee who has tax audit.
Please clear my doubt.
CA PARAS BAFNA
(Expert)
17 December 2009
Section 271D -Penalty for non-compliance of provisions of section 269SS.
Applicable in both the cases described by you. 271D is applicable to every assessee whether or not covered by tax audit.
You must treat the amount as Gift, in case you have received from a relative.
You may make RETURN GIFT in future.
Applicable in both the cases described by you. 271D is applicable to every assessee whether or not covered by tax audit.
You must treat the amount as Gift, in case you have received from a relative.
You may make RETURN GIFT in future.
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