What is Section 269SS and 269ST?
Sections 269SS and 269T have been discussed in this article and this deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. False cash transactions give birth to unaccounted money which in turn increases tax evasion.
Is 269SS applicable to trust?
Section 269SS – Mode of taking or accepting certain loans, deposits and specified sum: Applicability: This section applies to all the persons i.e. individual, HUF, Company, Partnership firm, AOP/BOI, Local authority, Co-operative society, Trust, AJP.
When was 269SS amended?
2015
The Finance Act, 2015 amended Section 269SS and Section 269T to include transactions in immovable property in order to curb black money circulation.
Is loan taken from NBFC covered under 269SS?
Section 269SS states that no person, in any case, can take cash loan another person if the amount exceeds the figure of Rs. 20,000.
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.
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.
Can I repay my home loan in cash?
Update on Sec 269ST – Clarification on the repayment of Loan Instalments in Cash. You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan instalment is less than Rs 2 lakh. The government introduced a new section 269ST.
What is section 79 of Income Tax Act?
Section 79 stipulates that in case of a Company, not being a company in which the public are substantially interested, shall not be allowed to carry forward and set-off the losses against the income of previous year, unless on the last day of the previous year, the shares of the company carrying not less than fifty-one …
Is hand loans legal in India?
P2P lending is a completely legal process with various regulated by the RBI – ensuring protection of interests of both – borrowers and lenders. It is done via various online organizations.
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 specified accepted us 269SS?
What is Section 80jjaa of Income Tax Act?
To claim the deduction under this section, following conditions needs to be satisfied : The assessee must having Income from the Business Head and he is liable to get his accounts audited as per the requirement of section 44AB along with a report of a CA in Form 10DA. It should be a new business.
