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
CA Anand Sarda
(Expert)
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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