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CAN ANYONE TELL ME THE PROVISIONS OF SEC.269SS WITH THE HELP OF AN EXAMPLE.
DOUBT :
ASSUME THAT I HAVE TO FINALISE THE ACCOUNTS FOR THE FY 08 - 09 FOR CHARITABLE TRUST REGISTERED U/S.12AA OF IT ACT.DURING THE FY 08 - 09 TRUST HAS RECEIVED PAYMENTS MORE THAN RS.20,000/-FROM TRUSTEES AS LOAN WHERE THE AMOUNT PAYABLE TO TRUSTEE WHICH WAS RECEIVED AS LOAN AS ON 31.03.08 IS RS.1,50,000/-.SO IS IT AN VIOLATION OF 269SS PROVISION WITH REGARD TO ACCEPTING AMOUNT FROM TRUSTEES ?
WHAT IS THE IMPLICATION IF THE AMOUNT RECEIVED DURING THE FY IS 1) BY CASH ?2) BY CHEQUE?
WHAT IS THE IMPLICATION IF RS.25,000/- IS RECIVED IN CHEQUE & RS.15,000/- IS RECEIVED IN CASH?
CAclubindia
