What is Section 269T?
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What is Section 269T?
Section 269T Section 269T prohibits any person to repay the loan or deposit or specified sum otherwise than by an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, if – Amount of loan or deposit, including interest amount, is Rs. 20,000 or more, or.
What is 269T of Income Tax Act?
(1) No company (including a banking company), co- operative society or firm shall repay to any person any deposit other- wise than by an account payee cheque or account payee bank draft where the amount of the deposit, or where the amount of the deposit is to be repaid together with any interest, the aggregate of the …
Which clauses are important in 3CD while sanctioning?
C H A P T E R.
What is the meaning of loan squared up?
(b) Squared –Up means Loans taken and repaid in the same assessment year. (c) All Loans or Deposits are to be reported even if they are grouped under Debtors or creditors. (d) Even if the loans are taken free of interest the information will still have to be given.
When was 269ST introduced?
2017
Section 269ST was introduced by finance act, 2017 in Income tax act, 1961 by the central government in order to curb the tax evasion, regulation and circulation of Black money.
What is specified sum in 269SS?
“specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
What is specified accepted us 269SS?
When was 269SS introduced?
Section 269SS in The Income- Tax Act, 1995. 2. Inserted by the Finance Act, 1984, w. e. f. 1- 4- 1984.
What is 3CD audit report?
Form 3CD is a 41-points detailed statement of particulars. All the details related to various aspects of the business and transactions have to be filled at appropriate places. A detailed explanation of each point of Form 3CD can be seenhere.
How many clauses are there in tax audit?
Tax Audit Report -List of Clauses in form 3CD
| Clause No. | Name |
|---|---|
| 13(e) | If any adjustment to be made to the P&L for complying with ICDS, then details of such adjustment |
| 13(f) | Disclosure as per ICDS |
| 14(a) | Method of Valuation of closing stock |
| 14(b) | If there is change in method of valuation prescribe u/s 145A than its effect on P&L |
Is 269ST applicable to trust?
Applicability of section 269ST on cash donations The Finance Act 2017 has inserted a new section 269ST in the Income Tax Law to restrict a person receiving Rs. Thus, a trust must be cautions that cash donations received by it should not fall under the ambit of section 269ST detailed above.
What is the cash transaction limit in India?
An individual cannot accept more than Rs 2 lakh cash from close relatives in a single day. Companies, firms are also not allowed to accept or pay cash beyond a limit. If a business owner transacts for more than Rs 10,000 in cash, then that amount can not be claimed as an expenditure.
What is Section 269T of the Income Tax Act?
Section 269T prohibits any person to repay the loan or deposit or specified sum otherwise than by an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, if –
What is the penalty for non-compliance with section 269ss and 269T?
As per Section 273B of Income Tax Act no penalty shall be levied if the failure to comply with the provisions of section 269SS or 269T is due to some reasonable cause. Now the question arises what can be a reasonable cause to justify the violation of the provisions of section 269SS and 269T.
What are section 269ss and 269T of the PMAY?
Section 269SS and 269T deals with restrictions on taking Cash Loan of Rs. 20000 of more than and its repayment in cash.
What is section 269ss of the RBI?
As per Section 269SS, any deposit or loan or any specific amount should not be accepted or taken from any person other than by an account payee bank draft, account payee cheque, or through electronic clearing system via bank account, if: The amount of deposit or loan or specified sum is Rs.20, 000 or more.