Loan disbursement above 2 lakhs by cash
This query is : Resolved
Quick Summary
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: This section complements Section 269SS by ensuring that the repayment of loans and deposits also happens through formal banking channels, further curbing the generation and circulation of black money. Limit Rs. 20,000/-
As per sec. 269T: This section complements Section 269SS by ensuring that the repayment of loans and deposits also happens through formal banking channels, further curbing the generation and circulation of black money. Limit Rs. 20,000/-
29 June 2025
Is Section 269SS, 269ST or 269T applicable to an individual registered under the Kerala Money Lenders Act, 1958, Advancing a loan against Gold or other securities
29 June 2025
The sections are applicable as per income tax act, to all the assesses whether advancing Gold loan or any other loan/advances all over India.
27 September 2025
Good luck..
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 GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- REGARDING ITR FILING QUESTION
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- GST ISD Query on various AMCs
- Taxation on Old jewellery sold
- U/S 194 T
- 44AD, 44ADA business details
- 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
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
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
