A person claims to have recieved FIVE LACS as cash loan from unknown creditors to lend to a freind for buisness need.
He does not INCOME TAX returns.
So what sections / provsions of IT ACT he has voilated.
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Income tax provisions for cash loans
Replies (4)
As per the provisions of section 269SS of the I-T Act, a person should not accept any loans or deposits exceeding Rs 20k otherwise than by an A/C payee cheque or A/C payee Bank Draft. If the provison are violated then an penalty equal to the loan so accepted will be levied.
Moreover the person who has taken the loan will be paying the same by cash to the freind again violating the provision of section 269T of the Act.. so agian in this case also penalty to the tune of loan repaid shall be levied.
Again whether he has not filed INCOME TAX RETURN AND SO NOT PAID ADVANC TAX WILL ALSO BE ATTRACTD OR NOT.
I have a related querry in this matter.
A person claims to have recieved cash amounts as loans in cash from undisclosed persons.
So whether it will be treated as concealed income or not and which section of IT act will be attracted.
Can anyone tell me the condition applicable to Limited Company regarding cash loan received from any employee like manager? Can any limited company receive interest free loan from any person or firm or business concern?
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