Loan or advance in cash

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ajay (Querist)
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17 May 2012 hi,,

i want to ask that whether any assesse can take loan or advance in cash from others without violating the income tax assessment provisions..

also the ceiling of Rs. 20000 cash as per section A(3)is for business expenses to be allowable....is this limit also applies for the above ...

thanks+

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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17 May 2012 Section 269SS of the Income Tax Act prohibits accepting loans in cash if the amount exceeds Rs. 20,000.

This limit applies to the whole year and to individual transactions.

Message likes : 2 times

ajay

ajay (Querist)
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18 May 2012 Thanks Mr. siddhartha bhardwaj for your kindness.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 May 2012 You are welcome.

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