it assessess cash loans from different persons total amount rs:13 lacs
each persons rs:19,000/-* 40 different persons total rs:7,60,000-
each persons rs:18,000/-* 30 different persons total rs:5,40,000/- received after cash deposit in bank sb account rs:13 lacs for son Visa purpose
question:
assessess huge cash loans different persons sec 68 and sec 69 provisions applicable in it act
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Cash loans sec 68 and sec 69 applicable
Replies (4)
Quick Summary
Only 68 is applicable.
Cash loans calculate interest payments compulsory
Received cash loan from 40 person attract huge plenty
There is no doubt this person will be charged if scrutinized with 270 A penalty of 300% ON TAX
And cash loans will be under 115BBE 60% TAX 14%PENALTY 6% CESS
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