a) An assessee subject to tax audit has to comply with Sectin 269SS & 269TT which states that it cannot accept or give loans & advances exceeding Rs 20K in Cash. Suppose a co. gives loans of Rs 100000 by cheque . Now whether such co. can accept repayments exceeding Rs 20000 in Cash and whether it is permissible under IT act?
b)In case of short deduction of TDS on Expenses what are the consequences i.e whether such expenses are disallowed or proportionately allowed as expenses?
c)gift received in cash exceeding Rs 50000 from a non relative , whether such an receipt is taxable ?
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