Loan repaid by cash by individual to other one
This query is : Resolved
09 February 2011
Dear All,
1.Can a loan be repaid by one individual to another individual, which he has taken by cheque.
2. Can related individuals transact loan taken and payment by cash mode.
We all know it is better to do it with cheques , but please tell me whether above methods are also allowable.
1.Can a loan be repaid by one individual to another individual, which he has taken by cheque.
2. Can related individuals transact loan taken and payment by cash mode.
We all know it is better to do it with cheques , but please tell me whether above methods are also allowable.
09 February 2011
In case loan amount together with interest thereon exceeds Rs. 20000/
Section 269T prescribes that such repayment should be made by account payee cheque only.
In the Section it has been clearly mentioned that such a/c payee cheque or Draft should be in the name of person who has made the loan or deposit.
As such for loan or deposit amount exceeding such methods are not allowed.
Section 269T prescribes that such repayment should be made by account payee cheque only.
In the Section it has been clearly mentioned that such a/c payee cheque or Draft should be in the name of person who has made the loan or deposit.
As such for loan or deposit amount exceeding such methods are not allowed.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
