Example: Where X got acknowledged a loan out of XYZ towards 1stby a keen account payee cheque having Rs

Into the latest amendments, Finance (No. 2) Operate, 2019 substituted the phrase ‘bank account which have ‘savings account otherwise as a result of for example almost every other digital settings once the can be prescribed’.'Thesesuchother digital modes’ ‘are notified of the Ministry of Finance once the following:

It point applies to the individuals we.elizabeth. private, HUF, Company, Relationship firm, AOP/BOI, Regional expert, Co-surgical society, Faith, AJP.

v. for example most other facilities, relationship or human body otherwise class of associations, associations or government that Main Bodies will get, having reasons to feel recorded written down, alert inside account throughout the Specialized Gazette :

as the joint mortgage the (19,100000 + 2,000) = 21,one hundred thousand is over otherwise comparable to 20,000 the brand new conditions out-of Sec 269SS would be attracted in the event the the new financing to the 15 th are taken in bucks.

Example: In which X had accepted a loan off XYZ to the step one st away from by the entered cheque to possess Rs 19,000. He’d paid down 3,one hundred thousand inside the cash on 3 rd X takes various other mortgage off XYZ to have Rs.2000 when you look at the cash (the earlier mortgage remaining outstanding on day)

once the shared loan a fantastic(19,100000 – step 3,one hundred thousand + 2,000) = 18,000) isn’t over otherwise comparable to 20,100 the newest specifications off Sec 269SS are not drawn also in case the the loan towards 15 th April are taken in bucks .

Example: In the event that X allows that loan regarding Rs. ten,100000 in the cash from Y and you may a deposit away from Rs. 15,one hundred thousand when you look at the dollars of Z. In cases like this there’s absolutely no violation of your own arrangements out-of Sec 269SS because count is not over otherwise equivalent so you’re able to 20,one hundred thousand from just one people

Ans: As per Section 269SS (b), since the into go out off bringing or acknowledging mortgage otherwise put or given sum, if there’s any financing or put or specified share recognized before are leftover outstanding then your exact same should be considered to possess Rs 20,000 restriction

Example: if the X requires financing out-of Rs. a dozen,100000 from inside the dollars from Y into the twelfth o f and you may welcomes a much deeper mortgage off Rs. 9,100000 regarding Y of the Membership payee cheque, Given that payday loans Lacrosse Kansas online the newest financing is via a mode from prescribed truth be told there isn’t any solution of the terms of Sec 269SS

Part 271D(1) If a person takes otherwise welcomes any financing otherwise deposit otherwise specified share in contravention of your terms out-of part 269SS, he are prone to pay, as a result of punishment, an amount equal to the amount of the mortgage otherwise put otherwise specified sum therefore taken otherwise acknowledged. (2) Any punishment imposable lower than sandwich-point (1) are going to be implemented by Combined Administrator.

Where the payer out of financing otherwise put together with person try one another which have farming earnings and you can neither ones features one income rechargeable in order to taxation underneath the Act

Q. Mr. Rohit got lent that loan out of Rs. 14,100000 off Mr. X since on in kind of account payee cheque and also the exact same remains payable just like the toward amounting so you can Rs 18,100000 (And additionally interest). In addition to he has got lent Rs. eight,100000 as Put within the dollars because the toward , whether or not there clearly was people contravention to section 269SS?

The word ‘Given sum’ try extra by Funds Operate, 2015 w.elizabeth.f by the amending the newest provisions off area 269SS and you may 269T away from brand new Work, which means that people sum of money receivable, if just like the improve if not when it comes to transfer out of immovable assets whether or otherwise not the newest transfer has taken place. Here, the word ‘transfer’ must be knew since the within the Import of Property Work, 1882. Plus, the expression ‘Immovable Property’ has not been laid out everywhere. No matter if immovable property is financial support investment otherwise stock in trade otherwise should it be outlying agricultural land otherwise metropolitan house. It could be one home otherwise one assets.