Cash loan paid

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accountant
564 Points Posted on 31 January 2021
Members
please suggest me
I have cash paid to one friend rs.450000 so this entry is unsecured loan or loans and advance.
Thank u in advance
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On 31 January 2021 at 12:25 Report
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Quick Summary
A user has paid a friend Rs. 450,000 in cash and is seeking advice on how to classify this entry in their accounts – as an unsecured loan or loans and advances. The discussion also highlights a potential violation of Section 269SS due to the cash payment exceeding the prescribed limit, which could attract penalties.

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Chartered Accountant
24588 Points Posted on 31 January 2021
You have violated section 269SS because you have paid in excess of prescribed limit in cash in one transaction
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On 31 January 2021 at 12:46
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Student
844 Points Posted on 31 January 2021
Penalty is attracted
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On 31 January 2021 at 19:39

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