Within the recent amendments, Money (No. 2) Operate, 2019 replaced the phrase ‘checking account with ‘checking account or thanks to such as for example most other digital settings while the tends to be prescribed’.’Thesesuchother electronic modes’ ‘are notified from the Ministry out of Funds as following:
That it area relates to every persons i.e. private, HUF, Providers, Connection organization, AOP/BOI, Regional power, Co-operative society, Faith, AJP.
v. instance most other organization, association or system otherwise group of institutions, relationships otherwise regulators which the Central Government can get, to possess reasons why you should be submitted written down, notify within this behalf from the Official Gazette :
because the combined financing the (19,000 + 2,000) = 21,100000 is more than otherwise equal to 20,000 the latest terms regarding Sec 269SS could be drawn whether your the brand new mortgage into fifteen th try consumed in dollars.
Example: In which X got recognized financing off XYZ towards the 1 st out of of the crossed cheque to have Rs 19,one hundred thousand. He previously paid back step 3,100000 in money on 3 rd X takes other financing off XYZ for Rs.2000 in bucks (the earlier loan kept delinquent into the time)
as joint financing the(19,100 – step three,000 + 2,000) = 18,000) is not more than otherwise comparable to 20,000 the fresh arrangements of Sec 269SS will never be drawn even in case the the latest financing towards the 15 th April is actually taken in cash .
Example: In the event the X accepts financing away from Rs. ten,100000 during the dollars of Y and you may in initial deposit of Rs. 15,one hundred thousand inside dollars out-of Z. In this instance there is absolutely no citation of one’s terms from Sec 269SS since number is not more than or equivalent to 20,100000 from a single individual
Ans: According to Area 269SS (b), because for the day away from bringing or recognizing mortgage otherwise deposit otherwise given sum, if there is any loan otherwise put or given contribution acknowledged prior to is remaining unpaid then the exact same should be considered having Rs 20,100000 limit
Example: if X requires that loan from Rs. twelve,100000 in bucks away from Y on twelfth o f and you can accepts a further financing out-of Rs. 9,one hundred thousand out of Y of the Membership payee cheque, Just like the the fresh mortgage is through a style regarding given there is no solution of your terms out-of Sec 269SS
Section 271D(1) If an individual takes or allows people financing or deposit or given share into the contravention of terms away from section 269SS, he is liable to pay, courtesy penalty, a sum equivalent to the amount of the loan otherwise deposit or given https://perfectloans24.com/payday-loans-ia/yale/ contribution thus taken otherwise accepted. (2) Any penalty imposable around sandwich-section (1) is enforced by the Combined Commissioner.
Where payer out-of mortgage otherwise deposit and also the receiver is actually both that have agricultural money and you can none ones has actually one income rechargeable in order to income tax beneath the Act
Q. Mr. Rohit had lent that loan from Rs. fourteen,100000 from Mr. X while the on in particular account payee cheque and the same is still payable since for the amounting to help you Rs 18,100000 (Including desire). In addition to they have lent Rs. eight,100000 since Deposit into the dollars given that for the , if there clearly was any contravention to point 269SS?
The term ‘Given sum’ are added by Finance Act, 2015 w.e.f by amending the conditions of area 269SS and 269T out-of the Act, meaning that people sum of money receivable, whether or not as the improve or else when considering import off immovable property whether or perhaps not the new transfer has taken place. Here, the phrase ‘transfer’ will have to be realized as beneath the Transfer of Assets Operate, 1882. Also, the phrase ‘Immovable Property’ was not discussed everywhere. It doesn’t matter if immovable property is resource house otherwise stock-in-trade or whether it is outlying agricultural house otherwise metropolitan land. It could be people home otherwise people assets.
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