Sir, section 269SS, 269ST, 269SU, 269T of the income tax Act, when combindly read , only Loans, deposits, specified sum and specified advance are covered and advances are not covered ie. other than specified sum or specified advance.
My doubt is that my client is running the pvt.ltd company and whenever his unrelated friends who also runs the pvt.ltd companies who asks certain amount towards advance to meet their short term financial crunch, he advances and receives the same back in a couple of weeks or months without any consideration. If such transactions are many, then under which section such advances are covered in the income tax Act. How do I treat them?.
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Mere adances
Replies (5)
Sections 269SS, 269T and 269ST are related to restrictions on cash payments/receipts.
Are these cash transactions?
Advances are also covered.
but if the companies are transacting through bank accounts then there is no problem.
but if the companies are transacting through bank accounts then there is no problem.
Yes sir. all the transactions are through bank only
Then dont worry
none of the sections would come into play
none of the sections would come into play
Whether these transactions hit companies Act procisions.
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