What is Section 269SS?
What does Sec 269SS says? Analysis: No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000.12-Jun-2020
Section 269SS and 269T of Income Tax Act,1961 been explained in the Article. Section 269SS and 269T deals with restrictions on taking Cash Loan of Rs. 20000 of more than and its repayment in cash.10-Aug-2018
What is maximum amount in 269SS?
Rs.20, 000
"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.
How much cash transaction is allowed in a day?
Rs 2 lakh
Section 269SS in The Income- Tax Act, 1995.
What is the limit of cash receipt?
Section 269ST of the Income Tax Act provides that no person can receive an amount of INR 2 Lakhs or more in cash: In aggregate from a person in a day; In respect of a single transaction; or. In respect of transactions relating to one event or occasion from a person.
Rs.2 lakh
Can I repay loan with cash?
As per the new guidelines, cash payments/receipts of or over Rs 2 lakh are illegal and will attract penalty. The finance ministry has stated prohibition of cash payment would only apply to repayment of a single loan instalment in cash and not to the aggregate amount.04-Jul-2017
“In normal circumstances, cash gifts upto Rs. 50,000 are not subject to tax in the hands of recipient. However, such threshold limit is not applicable in case the cash gift is received from a specified relative (which includes spouse) under section 56(2)(x) of the Income Tax Act ('IT Act'),” Dr.08-Mar-2022
How much cash loan can I get?
You can generally find personal loans from $2,000 to $50,000 though some lenders offer personal loans as large as $100,000. Even if a lender offers up to $100,000, you might be eligible for that amount. How much you can borrow depends on several factors, including your: Credit score.
However, if capital is introduced through cash, sec 269ST comes in play. 2. Sec 269ST restricts any person to undertake a transaction in cash in excess of Rs. 2 lakhs per day per person.20-Jun-2019
Can agricultural land be sold in cash?
For your specific case, if you are declaring entire selling price as proceeds from sale of land, have paid stamp duty for the transaction, charges for registering the sale deed, and later pay accrued capital gains tax to the income tax department, then for you the whole transaction is legit and you need not worry about
"specified advance" means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place.
What is loan as per Income Tax Act?
(iii ) "loan or deposit" means any loan or deposit of money which is repayable after notice or repayable after a period and, in the case of a person other than a company, includes loan or deposit of any nature.]
If a savings account holder deposits more than ₹10 lakh during a financial year, the income tax department may serve an income tax notice. Meanwhile, cash deposits and withdrawals in a bank account crossing ₹10 lakh limit in a financial year must be revealed to the tax authorities.25-Dec-2021
Can I pay salary in cash above 10000?
In nutshell, payments made in cash or through bearer cheque can be disallowed only. In this case the total amount paid in a day to one person exceeds Rs 10,000 and the payment has been made through a bearer cheque or cash.30-Mar-2022
Federal law requires a person to report cash transactions of more than $10,000 to the IRS.29-Apr-2019
What is Section 73A?
"73A. Carry forward and set off of losses by specified business. —(1) Any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified business.
1961
Can a director give loan to company in cash?
Yes, a director can give loan to Company in cash, keeping in view the Income Tax Act, 1961 provisions to this regards.
What is Section 269SS?