loan acceptance
This query is : Resolved
02 July 2008
if a person accepts loan in cash in this manner
1/4/07 15900
20/4/07 15800
3/9/07 15800
then whether he is liable u/s 269S & 269T IF IT IS
(A) AUDIT FIRM
(B) NON AUDIT FIRM
If that firm comes U/S 44AD or 44AF or 44AE?
what is the penalty for violating sec 269ss or 269T
1/4/07 15900
20/4/07 15800
3/9/07 15800
then whether he is liable u/s 269S & 269T IF IT IS
(A) AUDIT FIRM
(B) NON AUDIT FIRM
If that firm comes U/S 44AD or 44AF or 44AE?
what is the penalty for violating sec 269ss or 269T
02 July 2008
In the case mention above, the person will be liable U/s.269SS and 269T irrespective of whether it is audit firm or not. and irrespective of whether that firm is covered under 44AD, 44AE and 44 AF.
PENALTY:
271D (1) If a person takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted.
271E.(1) If a person repays any [loan or] deposit referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the [loan or] deposit so repaid.
PENALTY:
271D (1) If a person takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted.
271E.(1) If a person repays any [loan or] deposit referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the [loan or] deposit so repaid.
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