Section 269ss on nbfc
Web23 Jan 2006 · Whether the Income-tax Appellate Tribunal has erred in deleting the penalty imposed under section 271D of the Act by holding that the appellant did not contravene the...the assessment year 1998-99, the Assessing Officer initiated penalty proceedings under section 271D of the Act as he was of the view that the assessee had violated the … Web22 Sep 2024 · Transactions of the nature referred to in section 269SS of the Income-tax Act are excluded from the scope of the said section. A new section 271DA has also been inserted in the Income-tax Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of section 269ST of the Income-tax Act. The penalty ...
Section 269ss on nbfc
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Web29 Aug 2024 · Section 269SS basically means that no person can take a CASH loan or deposit from another person if the amount is more than Rs. 20,000. Section 269T In … Web5 Jul 2024 · One of the major highlights of the Finance Budget 2024 was the introduction of section 269ST of the Income Tax Act, 1961. The section was introduced with an intention …
Web10 Aug 2024 · Section 269SS and 269T deals with restrictions on taking Cash Loan of Rs. 20000 of more than and its repayment in cash. Section 269SS No person shall take or … Web30 Sep 2024 · In term of section 22 of the micro, Small & Medium Enterprises Development Act, 2006: Sundry Creditors of the Company: Rs.NIL Interest Paid to them: Rs. NIL viii. We have complied with tax provisions in respect of the deduction of TDS. ix. All the payments in the respect of any revenue item has been made in compliance with the provisions of ...
WebPreparation of Financial Statements of various corporate and non-corporate entities including stock broking company, NBFC-ND, Manufacturing company, rental outlets etc. Show less Artical Assistant ... • Compliance of TDS and other taxation provisions of Income Tax Act such as TDS and Section 269SS, 269T, 40A(3), 40A(2b) etc., WebPenalty on contravention of Section 269SS; 100% of the loan or deposit amount will be the quantum of penalty that can be levied by the assessing officer. ... provides loans or gives guarantees or securities for the due repayment of any loan e.g Banking Companies and Loan NBFCs. (In respect of such loans an interest shall be charged at a rate ...
Web27 Apr 2024 · Conditions B efore the Enactment of Section 269ST of the Income Tax Act. Before introducing Section 269ST, the requirements of Sections 269SS and 269T were applied. The stipulations in this section made it illegal to receive or repay the loans or make cash payments above ₹19,999. The government put restrictions in place to reduce the …
Web22 Feb 2024 · Before the introduction of Section 269ST, Sections 269SS, and 269T served as mechanisms to curb the usage of black money within the Indian market by restricting cash transactions. ... The Income Tax Department clarified that when it comes to loan repayments to NBFCs/HFCs, one installment of the repayment is considered as a single … does obtaining a degree exceed the costWeb16 Mar 2024 · Section 269ST- Treatment of Cash Transactions above Rs. 2 Lakhs. You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking … does ocbc have iban numberWebTax Audit Limits & Due Dates If assessee opts out of 44AD during lock-in period of 5 consecutive years from the first year of opting in, then any of the next 5 consecutive years during which income exceeds basic threshold limit If taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover and if the taxpayer’s cash payments are limited to 5% … does obs run on windows 11Web25 Nov 2024 · Assessee, the Co-operative Bank, accepted deposits in cash exceeding Rs. 20,000 from its members which is prohibited under provisions of section 269SS. Accordingly, AO levied penalty under section 271D. Assessee did not dispute applicability of section 269AA but contended that mistake was committed under bona fide belief and … does obs work with twitchWebSection 269SS in The Income- Tax Act, 1995 269SS. 3 Mode of taking or accepting certain loans and deposits 4 No person shall, after the 30th day of June, 1984 , take or accept … facebook marketplace selling cost capWeb10 Mar 2024 · Section 269SS and 269T states that no persons shall receive/repay from/to any other person any loan/deposit in cash, either in single tranche or in aggregate, if the … does obwohl send the verb to the endWeb7 Jan 2024 · As per Section 269SS of the income tax act, no one can accept a loan or deposit from any person that is not in the form of an account payee cheque, bank draft or ECS (Electronic Clearing System). This is applicable if: The loan or deposit amount is more than Rs. 20,000. The total amount of deposit, specified sum and loan is Rs. 20,000 or more. does ob tampons make an applicator version