WHAT ARE THE CONSEQUENCES OF CASH LOAN GIVEN TO ANY EMPLOYEE IN EXCESS OF20,000/- ?
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Cash Loan
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Hi, loan in excess of Rs 20000 will definitely attract the provisions of section 269SS and the employee will be held guilty under section 271D , and penalty Equal to loan amount accepted may be levied by assessing officer . However it will not be included in his income .
what will be the consequences for the employer?
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