Salary advance recovery

Salary advances taken by the employees wants to repay it in cash whether it attracts 269SS

Replies (3)
Quick Summary
This discussion explores the tax implications of employees repaying salary advances in cash. It highlights that cash repayments exceeding certain thresholds may attract penalties under sections 269SS and 269T of the Income Tax Act. The thread also touches upon potential scrutiny from the tax department regarding the source of such cash, suggesting it could be perceived as an attempt to conceal undisclosed income.

Yes payment in cash should not exceed 10000 rupees in cash u/s 269ST
Yes it attracts, section 269ss and 269T not 269St

My personal understanding.

Maximum Possibility (in case TOTAL AMOUNT is Rs 20,000/- or More)

Section 269SS wording downloaded from Official Income Tax Website is also attached.

Simple Question that may be asked by Tax Department : Why employee wants to repay in cash? Means he/she is having some undisclosed sources of Income...

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register