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Cash Loan

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Accountant
647 Points Posted on 08 March 2019
Sir I have given a sum of rs 20 lac as unsecured loan to one person in cash, may I'm liable to penalties if yes in which section.
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On 08 March 2019 at 19:18 Report
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512 Points Posted on 08 March 2019
penalty u/s 271E for contravention of provisions of section 269ST equal to amount of loan given
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On 08 March 2019 at 19:21
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17 Points Posted on 08 March 2019
No this provision on receiver.
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On 08 March 2019 at 19:24
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512 Points Posted on 08 March 2019
For accepter 271D for contravention of 269SS
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On 08 March 2019 at 19:27
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CA FINAL ASPIRANT
3115 Points Posted on 08 March 2019
you will be liable u/s 271D @ 100%..for accepting loan which exceeds the limit as given in section 269DS
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On 08 March 2019 at 19:43
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INCOME TAX OFFICER
1736 Points Posted on 08 March 2019
no action will be against you. penalty under 271D in the hands of receiver
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On 08 March 2019 at 19:45
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other
301 Points Posted on 08 March 2019

The capacity to handle such a huge amount of cash at hand can be queried by department.

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On 08 March 2019 at 19:58
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CA FINAL ASPIRANT
3115 Points Posted on 09 March 2019
sorry ..there is typing mistake...it's section 269SS and..but it is for accepting loan...therefore such provisions are not applicable to you...
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On 09 March 2019 at 08:13


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