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
- CLOSING STOCK QUERY
- TDS on rent received on hardship compensation being rent on redevelopment of building
- ITR-Capital Gain
- Gst on travel by air for business purposes
- Query regarding reporting of exempt foreign remuneration in ITR
- Loss of interest in PF transfer from EPFO to Trust
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Taxation on Old jewellery sold
- NRI INSURANCE ADVISOR
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
