Section 269ss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2013
IF ASSESSEE HAS TAKEN LOAN MORE THAN 20000/- FROM FARMER (AGRICULTURE) THAN 269SS ARE APPLICABLE OR NOT......

SO PLEASE GIVE ME ANSWER WITH CASE LAW IF ANY .........

Ashwani Narnoli

Ashwani Narnoli (Expert)
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28 September 2013 Yes it is applicable.

Ankur Agrawal

Ankur Agrawal (Expert)
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28 September 2013 Section 269SS will not be applied on if both party having agricultural income and neither of them has any income chargeable to tax under this Act.

Regards
Ankur Agrawal

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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29 September 2013 Exemptions from section 269SS: The Following persons are exempted from the purview of section 269SS:

a) Government ;
(b) any banking company, post office savings bank or co-operative bank ;
(c) any corporation established by a Central, State or Provincial Act ;
(d) any Government company as defined in section 617 of the Companies Act, 1956
(e) other notified insititutions
(f) where the depositor and the acceptor are both having agricultural income and neither of them have any taxable income.