269ss and 269t

No sir you wont be in a trouble anywhere as 269ss and 269T only covers accepting and repayment of loan so this covers borrower. For loan provider now there is 269ST but the limit is 2 lakh so I dont think you would be covered anywhere in this.

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Thank you

Hi,

Yes, you are not in contravention of 269ss ,269st or any other section.

The liability will be arise only on customer/borrower.

Hello,

No, you won't be in contravention of Sec. 269SS or 269T. Your borrower/customer would be liable for penalty under Sec. 269T for repaying the loan of more than Rs. 20,000 otherwise than by an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account.

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

Dear Sir,

Section 269SS prohibits a taxpayer from taking/accepting loans or deposits or a sum of more than Rs.20,000 in cash. All loans and deposits of more than Rs.20,000 must always be taken through a banking channel.This section is applicable to borrowers.

Section 269ST of 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.

As you are accepting less than INR 2 lakhs in cash, there is no contravention of section 269ST.

So, there is no need to worry.

Hi,

At your end there is no violation.

Thanks

Hi,

Yes, in my opinion, you will not be in contravention of section 269SS or T.