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269ss,t
when (limit) the disclosure is to be made under 269ss while accepting loan (through bank transfer?)
Replies (3)
Section 269SS:
subject to specified exceptions, a person shall not take or accept loan/deposit from other person otherwise than by the prescribed banking channels i.e. A/c payee cheque or account payee bank draft or by use of electronic clearing system so that the aggregate from such person is Rs.20000/- or more.
Section 269T:
loan or deposit shall not be repaid, otherwise than by an Account payee cheque or bank draft or online transfer, if the amount of loan or deposit is Rs. 20,000 or more.
In layman terms, cash loan or deposit from same person of Rs.20000/- or more is not allowable/repaid for the purpose of these Sections.
is there any requirement to disclose
if I accepted loan through bank (not in cash?)
if I accepted loan through bank (not in cash?)
No need under IT act, 1961
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