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payment to sister concerns cash exceeding Rs.20000/-

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(Querist)
09 June 2011 payment in cash to sister concerns exceeding Rs.20000/- attracts any penalty or disallowance?
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Rakesh Jain

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Rakesh Jain (Expert)
09 June 2011 Dear S.Vignesh,

In your case you have not cleared the nature of transaction.

If amount has been paid for any kind of current exp or future exp than provision of sec 44A(3) or Sec 44A(3A) shall apply on the amount payer.

At the same time if the said amount has been received as advance or loan than the provision of Sec 269ss shall attract on the amount receiver.

Hope above information is useful to you.

With regards,
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