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Applicability of Section 269SS of I. T Act 1961

SASMITA (AUDIT MANAGER) (97 Points)

09 June 2021

whether provision of section 269SS is applicable on amount received from customer as sale consideration?

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5 Replies

David (article Assistant) (1621 Points)
Replied 09 June 2021

No. It is not applicable. It is only applicable for Loans,Deposits or any specified sum. However you have to comply with provision 269ST.

veerendar singh (tax consultant) (3301 Points)
Replied 09 June 2021

If received in advance then yes

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 09 June 2021

It is applicable on loans, deposits and other sums

David (article Assistant) (1621 Points)
Replied 09 June 2021

Advance receipt of sale consideration of immovable property is covered under this section.

sabyasachi mukherjee (26043 Points)
Replied 09 June 2021

,Read the provisions of Sec 269 ST.
YOU can deposit the money's received from customer but subject to the provisions of Sec 269 ST.
ITS APPLICABLE .
THE SAME HAS ALSO BEEN EXTENDED FOR REPAYMENT OF LOAN.
PER DAY TRANSACTION HAS BEEN RESTRICTED.

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