Rent advance
This query is : Resolved
27 June 2019
Dear Experts
Whether Rent advance received in cash in excess of Rs 20,000 will attract Section 269SS
Whether Rent advance received in cash in excess of Rs 20,000 will attract Section 269SS
28 June 2019
Yes, rental advance is considered as deposits.
Section 269SS prohibits a taxpayer from taking/accepting loans or deposits or a sum of more than Rs.20,000 in cash. All loans and deposits of more than Rs.20,000 must always be taken through a banking channel.
Section 269SS prohibits a taxpayer from taking/accepting loans or deposits or a sum of more than Rs.20,000 in cash. All loans and deposits of more than Rs.20,000 must always be taken through a banking channel.
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