A paid Rs.1 lakh to B by cash on 31st March 2010, B repaid the Rs.1lakh by cash in ten equal instalment before 31st March 2011
A paid Rs.1 lakh to B by cheque on 31st March, 2010, B returned Rs.1lakh by cash in ten equal instalment before 31st march, 2011
a) Whether 269SS and or 269T attract to A?or
b) Whether 269SS and or 269T attract to B?
in both the situations......and why????
In bothe the situation provision of Sec 269SS an Sec 269T will not get attracted to Mr. A.
Sec 269SS and 269T is applicable to a person
- who take or accept from any person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of loan or deposit or agrgregate of such loan or deposit exceed Rs. 20,000; and
- when reap[yemnet of such loan was made otherwisr by way of account payee cheque or accoutn payee bank draft.
Please clarify, whether the question is in relation to reporting reuirement prescibed in Annexure 3CD or just applicability of aforementioned Sections.
In teh former case, both situation 'a' and 'b' will have to be reported.
In the later, Penalty under Sec 271D and Sec 271E will be levied in situation "a".
S.B.G. & CO. CHARTERED ACCOUNTANTS
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