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Income tax query

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Student
844 Points Posted on 25 March 2021
1.Loan received and repaid through not account payee cheque, penalty is applicable?
2.Loan received and repaid through account other than borrower / loan to person through electronic mode, then penalty is applicable?
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On 25 March 2021 at 22:38 Report
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Chartered Accountant
24588 Points Posted on 26 March 2021
1. Loan should be paid through account payee cheque or through account payee bank draft or in such electronic mode other than cash under section 269SS.

2. But loan should not be paid through other than borrower account. Loan might be repaid through electronic mode
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On 26 March 2021 at 06:05
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17264 Points Posted on 26 March 2021
1. account payee cheque mandatory. penalty 100%
2. No third party cheque allowed. Penalty 100%
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On 26 March 2021 at 08:38
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Partner
1072 Points Posted on 26 March 2021

Pravin Ji 

Pl quote section for point no.2

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On 26 March 2021 at 20:24
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Student
844 Points Posted on 27 March 2021
Dear sourav, my second query is about loan repayment is made through electronic mode but payment is not directly to borrower account it is transferred to another person account as per request from the borrower through electronic mode is any problem? is any penalty? this is considered as repayment?
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On 27 March 2021 at 00:10


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