Example: In which X got acknowledged a loan from XYZ into the 1stby a keen account payee cheque to own Rs

When you look at the recent amendments, Fund (Zero. 2) Operate, 2019 replaced the phrase ‘savings account which have ‘checking account otherwise as a result of such as for instance other electronic settings as is generally prescribed’.’Thesesuchother digital modes’ ‘are informed by the Ministry from Financing just like the following:

It point applies to the persons i.age. private, HUF, Team, Relationship enterprise, AOP/BOI, Local power, Co-operative neighborhood, Believe, AJP.

v. such as for instance almost every other place, relationship or human anatomy or group of establishments, associations otherwise bodies which the Central Government get, having reasons to getting recorded on paper, alert in this behalf throughout the Certified Gazette :

since combined mortgage a great (19,000 + dos,000) = 21,100000 is more than otherwise equal to 20,000 the latest conditions of Sec 269SS might be drawn whether your the fresh new financing on fifteen th try consumed bucks.

Example: In which X had acknowledged that loan from XYZ to your 1 st off of the entered cheque to possess Rs 19,100. He previously repaid 3,100 in the money on step three rd X requires some other loan out-of XYZ for Rs.2000 when you look at the cash (the sooner mortgage leftover outstanding on big date)

as the combined loan an excellent(19,100 – step 3,one hundred thousand + dos,000) = 18,000) is not more otherwise comparable to 20,one hundred thousand the latest specifications off Sec 269SS won’t be drawn also if the the brand new financing on fifteen th April try consumed cash .

Example: If the X welcomes a loan from Rs. 10,100000 inside bucks away from Y and in initial deposit out of Rs. fifteen,100 from inside the bucks from Z. In cases like this there’s absolutely no ticket of the terms regarding Sec 269SS as the count isn’t more otherwise equal in order to 20,100000 from just one individual

Ans: As per Section 269SS (b), since with the time off getting otherwise accepting mortgage otherwise put or given sum, when there is any financing or put otherwise specified share accepted before is kept unpaid then your same is highly recommended for Rs 20,100000 limitation

Example: when the X takes financing of Rs. 12,100000 into the bucks from Y on twelfth o f and you can welcomes a deeper loan of Rs. nine,100000 off Y because of the Membership payee cheque, Once the the brand new loan is via a method regarding prescribed indeed there is no violation of the provisions out-of Sec 269SS

Area 271D(1) If one requires or accepts one financing or deposit or specified contribution inside contravention of arrangements out-of area 269SS, the guy can be prone to pay, using penalty, a sum equivalent to the degree of the mortgage otherwise deposit or specified sum so removed otherwise acknowledged. (2) People punishment imposable around sandwich-area (1) is implemented by the Joint Commissioner.

In which the payer out-of loan or put and the person try one another having farming money and you can neither of these provides one income rechargeable in order to income tax within the Act

Q. Mr. Rohit had borrowed that loan out-of Rs. 14,one hundred thousand of Mr. X as on in sorts of account payee cheque additionally the exact same is still payable given that on the amounting so you can Rs 18,000 (Plus attention). And additionally he has got lent Rs. 7,000 as the Deposit in cash as the towards , if there can be people contravention so you can section 269SS?

The expression ‘Specified sum’ are additional by the Finance Work, 2015 w.age.f from the amending the latest terms regarding area 269SS and 269T out-of the new Act, which means that one amount of cash receivable, whether because improve or else when considering transfer regarding immovable assets whether or not the new import has taken set. Here, the expression ‘transfer’ will need to be realized because the in Import out-of Assets Act, 1882. Plus, the definition of ‘Immovable Property’ https://perfectloans24.com/payday-loans-tx/bellaire/ hasn’t been outlined anywhere. It does not matter whether immovable house is capital house otherwise stock-in-trade otherwise whether it is outlying agricultural home or metropolitan home. It may be one house otherwise any possessions.