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non audit firm

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(Querist)
16 June 2008 In case of a firm which is not subject to audit whether amt recd as loan or paid as loan repayment in cash is wrong.

eg "A" is a propertership in which she has accepted some loan from her relatives in cash (but less than Rs. 20000/-) on 1/4/08 & then again on 19/5/08 (but less than Rs. 20000/-) then made repayment on 15/6/08 in cash amting to rs 15000/-.Is the party violating any provision of income tax act.thisloan is for the purpose of business.
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guru santhanam

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guru santhanam (Expert)
16 June 2008 Hi K,
Since the person is dealing in a sum which is less than Rs.20000/-, there is no problem.

Regards,
guru
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DINESH KUMAR

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DINESH KUMAR (Expert)
17 June 2008 A amount of Rs. 20000/- not exceeding at any time during the year then there is no viloation under section 269SS or 269T
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student

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student (Querist)
19 June 2008 but if that person has accepted loan in one year for 2 or three times but al all times lessthan Rs. 20000 then also there is no violation or what.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
05 October 2008 That is correct.
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