Sundry loans


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 February 2013 If a person has given loans to many people (of small small Amounts) and shows it under Sundry loans and advance in Income Tax Computation(Balance sheet) Is it necessary that this payment or receipt of Loans and advances to be by cheque only? (Individual has got proprietory business)

20 February 2013 Not necessary to receive by cheque it can also receive from cash also.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 February 2013 thanks.... but is it because the amount is small.... or is it acceptable by department for material amount also? any case law, etc?

20 February 2013 No it is in small amount that's the reason cash received is Ok.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
21 February 2013 thanks a lot.........

17 August 2023 Refer the sec. 269SS & sec. 269T of IT act for the amount of cash loans.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details