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loans ACCEPTANCE

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(Querist)
02 July 2008 if a person accepts loan in cash in this manner
1/4/07 15900
20/4/07 15800
3/9/07 15800

then whether he is liable u/s 269S & 269T IF IT IS
(A) AUDIT FIRM
(B) NON AUDIT FIRM

If that firm comes U/S 44AD or 44AF or 44AE?
what is the penalty for violating sec 269ss or 269T
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CA Anand Sarda

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CA Anand Sarda (Expert)
02 July 2008 Whether it is audit firm or not, he is liable u/s.269 SS and 269 T.
In your case, he will be liable. the amount 20000 is for the year( provided he has taken the amount from same person). If the amount is received from different persons, then he will not be liable.
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CA Rajesh S

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CA Rajesh S (Expert)
02 July 2008 I agree with Mr Anand



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student

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student (Querist)
02 July 2008 if a person accepts loan in cash in this manner
1/4/07 15900
20/4/07 15800
3/9/07 15800

then whether he is liable u/s 269S & 269T IF IT IS
(A) AUDIT FIRM
(B) NON AUDIT FIRM

If that firm comes U/S 44AD or 44AF or 44AE?
what is the penalty for violating sec 269ss or 269T
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
03 July 2008 ALREADY ANSWRED

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