Cash transactio of 20 lakhs
This query is : Resolved
11 October 2013
Sir, I am running a trading business and in my personal name I had advanced a cash loan of 20 lakh to a person, now this person has refused to pay, the matter went to criminal court as his cheques bounced. In mediation cell it was decided that he will pay 75000 monthly. This person has not shown loan in his books, now he is saying take this settled amount in cash only.
My query is how shall I furnish my annual return, I can give cash advance, but can I also receive cash in excess of 20000, against loan.
My query is how shall I furnish my annual return, I can give cash advance, but can I also receive cash in excess of 20000, against loan.
11 October 2013
Section 269SS provides that any loan or deposit shall not be taken or accepted from any other person otherwise than by an account payee cheque or account payee bank draft if the amount of such loan or deposit or the aggregate amount of such loan and deposit is 20000 or more..
A penalty equivalent to the amount of such loan or deposit may be levied by the Joint commissioner.
However, you can receive the said amount in cash...
There is no provision in receiving cash, you can receive any amount in cash..
regards,
A penalty equivalent to the amount of such loan or deposit may be levied by the Joint commissioner.
However, you can receive the said amount in cash...
There is no provision in receiving cash, you can receive any amount in cash..
regards,
11 October 2013
Hi
You have also paid advance loan money in cash or banker cheque. Please confirm.
You have also paid advance loan money in cash or banker cheque. Please confirm.
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
