Application of section
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2012
Can Sec40A(3) be invoked under sec 269T to take the benefit if interest is paid in cash in excess of 20000. Can sec 40A(3) provide for rescue, as it states expenditure in excess of 20000 cannot be paid in cash ?
Is such expenditure under the said sec is defined to include payment of interest.
As sec 269T specifically provides that loan including interest there of is not allowed to be paid in excess of 20000 in a year.
Is such expenditure under the said sec is defined to include payment of interest.
As sec 269T specifically provides that loan including interest there of is not allowed to be paid in excess of 20000 in a year.
CA CS Amit S. Kedia
(Expert)
04 April 2012
Section 269T is not applicable in your case, you are paying the amount of interest only.
There is no repayment of loan made by you in cash.
If you had paid the installment for the loan taken then section 269T could have been attaracted.Merely paying interest on the loan taken, does not mean to repayment of loan.
There is no repayment of loan made by you in cash.
If you had paid the installment for the loan taken then section 269T could have been attaracted.Merely paying interest on the loan taken, does not mean to repayment of loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
