Loan or advance in cash
This query is : Resolved
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+
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+
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.
This limit applies to the whole year and to individual transactions.
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18 May 2012
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