Mode of using or accepting specific loans, deposits and certain amounts and mode of payment of loans or deposits and specified advances
The sooner conditions found in part 269SS for the Income-tax Act offer that no individual shall simply take from anybody any loan or deposit otherwise than by a free account payee cheque or account payee bank draft or online transfer through a bank account, in the event that quantity of such loan or deposit is twenty thousand rupees or higher. Nevertheless, specific exceptions have already been supplied when you look at the area. Likewise, the prevailing conditions found in part 269T of this Income-tax Act offer that any loan or deposit shall never be paid back, otherwise than by a merchant account payee cheque or account payee bank draft or transfer that is online a bank account, by the individuals specified when you look at the section in the event that level of loan or deposit is twenty thousand rupees or higher. Continue reading “Advance in money for Property Covered by Section 269SS & 269T wef 01.06.2015”