17 January 2021
Sir, A partnership firm cash loan received from one of a partner Rs:10 lacs.this amount unsecured loan from partner name transactions treatment in firm books. Question: A partnership firm above rs:10 lacs unsecured loan amount on interest and Tds deducted compulsory in I.t. act.
17 January 2021
FIRST OF ALL NO PERSON ACCEPT ANY SUM MORE THAN 200000 IN CASH AS PER SEC 269ST.
SECTION 269ST READS OUT AS "No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed."
17 January 2021
An individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried on by him/it exceeds Rs. 1 crore in case of business and Rs. 50 lakhs in case of a profession1 during the financial year immediately preceding the financial year in which the aforesaid amount is credited or paid, shall be liable to deduct tax under section 194A.
SO IF YOUR TURNOVER IS ABOVE 1 CRORE IN LAST YEAR THEN ONLY YOU REQUIRED TO DEDUCT TAX
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