Loan disbursement above 2 lakhs by cash
This query is : Resolved
29 June 2025
Do the following transactions have any issues? please advise
Mr. X, a small moneylender, proprietor, whose total loan disbursement is below 10 lakhs during the year, has one loan above 2 lakhs by cash. The loan account was settled in cash during the year, and no balances remained as of the date of the Balance Sheet. His total income is below Rs. 2 lakhs and not filing ITR.
Mr. X, a small moneylender, proprietor, whose total loan disbursement is below 10 lakhs during the year, has one loan above 2 lakhs by cash. The loan account was settled in cash during the year, and no balances remained as of the date of the Balance Sheet. His total income is below Rs. 2 lakhs and not filing ITR.
29 June 2025
As per sec. 269ST IT act, no person is allowed to receive cash of Rs. 2 lakhs and above.
As per sec. 269T you are not allowed to receive Back the loan amount of Rs. 10,000/- or more.
As per sec. 269T you are not allowed to receive Back the loan amount of Rs. 10,000/- or more.
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
- Capital gains-24.06.2025
- Clarification on Old to new regime - 10-IEA
- FNO transaction not reflecting AIS
- MP Minimum Wages Act
- Return forms related
- TDS on Other Business Services P1006
- Can ITR 4 be used for reporting LTCG - FY24-25
- RODTEP Annual Return
- Imps payment related
- TWO GST REGISTRATION FOR SAME BUSINESS
- GSTR 1 filled with 40 lakh tax liability but GST 3B filed with nil taxable value
- Regarding Interest on Enhanced Compensation
- Whether in Notes to accounts shown as
- New GST Registration with 02 company
- In elgible ITC claimed in FY 2021-22 & 2022-23 is it to be paid through DRC03 or to reverse it
- Rent agreement prior to incorporating a Company
- REGARDING CAPITAL CONTRIBUTION BY PARTNER
- ITC 04 for Job work
- Best book for knowledge gain
- Affordable Logo Animation Studio
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
