i.t.assess Cash loan paid to another person (name mr.x)Rs:10 lacs single payment through on bank mode Dt:20-10-2020.
Cash loan paid to same person Rs:5 lacs (name mr.x)single payment through on bank mode Dt:20-11-2020.
question:
Assess cash receipts from person(debtor name Mr.x) Rs:1,90,000/- cash mode Dt:25-12.2020
Cash receipts from Mr.x Rs:1,90,000/- cash mode Dt:28-12-2020.
above cash transactions allowed sec 269st applicable in I.t. act.
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Cash mode allowed sec 269 st applicable
Replies (4)
Quick Summary
Why do u call these loans as a cash loan?
Money paid not a trading purposes . Assess some money lending to another person
When you gives loan to a person from bank
make sure it return through bank
other wise it creates problems for future filling of itr as well as in audit report
in first case Mr x is liable for penalty as he received in both days amount of 10 lakh and another day 5 lakhs
now again the assessee is eligible for penalty too for receiving cash more than 2 lakh form same person in different instalment
and both are liable for 269st
make sure it return through bank
other wise it creates problems for future filling of itr as well as in audit report
in first case Mr x is liable for penalty as he received in both days amount of 10 lakh and another day 5 lakhs
now again the assessee is eligible for penalty too for receiving cash more than 2 lakh form same person in different instalment
and both are liable for 269st
Read Sec 269 ST, IN CONJUNCTION WITH SEC 269SS.
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