Repayment of Loan
This query is : Resolved
13 March 2009
If A pay loan by chq. Rs. 1 Lakh to B. Now B wants make repayment of loan by cash in installment below Rs. 20000/-. Is it allowed under Income tax or not ?
13 March 2009
Under the provisions of Section 269T of IT Act, 1961, repayment of loan exceeding Rs. 20,000/- otherwise than a/c payee cheque or account payee demand draft, in a year is prohibited and attracts 100% penalty. Hence, it is advisable to repay the same either by a/c payee cheque or a/c payee demand draft.
Under the provisions of Section 269T of IT Act, 1961, repayment of loan exceeding Rs. 20,000/- otherwise than a/c payee cheque or account payee demand draft, in a year is prohibited and attracts 100% penalty. Hence, it is advisable to repay the same either by a/c payee cheque or a/c payee demand draft.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
