Loan repayment in cash

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287 Points Joined October 2018

Hi Members,

Please suggest on the following query. A proprietorship firm (non-audited) has unsecured loan of Rs. 4 lacs in 2017-18. Can repayment of loan in this case be done in cash?

Thanks 

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On 24 January 2019 at 14:49 Report
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Coaching and Practice in Tax Audit Law
4429 Points Joined June 2018

Yes, if repayment of loan is to a bank registered under banking regulation act.

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On 24 January 2019 at 14:54
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287 Points Joined October 2018

Unsecured loan has been taken from relative.

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On 24 January 2019 at 14:59
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Coaching and Practice in Tax Audit Law
4429 Points Joined June 2018

Well in that case repayment in cash above 20,000/- is not allowed

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On 24 January 2019 at 15:01
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Self employed
2193 Points Joined March 2018
See section 269Ss
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On 25 January 2019 at 23:23


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