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Regarding cash advances
Sir I want to know that one person advance a sum of rs 5 lac in cash to one person in cash and filed an fake recovery suit in court of law, whereas he has excepted that he has advance cash Rs 5 lac to an person in cash. Sir this amount has been recorded in court, sir now I want to know that the said person advances in cash in a one financial year under the INCOME tax act. Or he will be penalized. Under the income tax act. Thanks.
Replies (4)
Who receive an Amount of Rs. In excess of 2 Lakh he must be liable to pay penalty as per 269 ST to Income Tax department.
sec 269st shall be attracted nd amount of panelty is equal to the sum received
in ur case rs 500000 will be amount of panely in hands of receiver
in ur case rs 500000 will be amount of panely in hands of receiver
until and unless case in civil court does not prove , no penalty can be levied on person receiving the amount,
as it not proved that amount in excess of Rs. 200,000/- has been received in cash
yes ..panelty shall be imposed by joint commisner nd u have received amt in cash
the person paid such sum have no proof
so no worries ...samne wala prove hi ni kr payega
the person paid such sum have no proof
so no worries ...samne wala prove hi ni kr payega
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