non audit firm
This query is : Resolved
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.
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.
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
Since the person is dealing in a sum which is less than Rs.20000/-, there is no problem.
Regards,
guru
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
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.
S.Srinivasaraghavan
(Expert)
05 October 2008
That is correct.
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