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If someone gave 2 lakh as loan in cash,then, penalty ? Yes or No ?
4 years ago
Say yes or no... Is there any penalty on person Who gave loan of 2 lakh as cash....
A.Dear Sir,
No institution take suo motto cognizance of offense as the law enforcing authorities preoccupied with some other serious activities. Let the criminal law set into motion with evidence and follow up the same then talk about the punishment. If such petty issues taken into consideration including you and me will be behind the bars.
Please give me Rank 5 if you feel my answers also helped you
No institution take suo motto cognizance of offense as the law enforcing authorities preoccupied with some other serious activities. Let the criminal law set into motion with evidence and follow up the same then talk about the punishment. If such petty issues taken into consideration including you and me will be behind the bars.
Please give me Rank 5 if you feel my answers also helped you
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Ayantika Mondal @ Prime Legal
Responded 4 years ago
A.Hi,
According to section 269ST of Income Tax Act, no person shall receive an amount of Rs 2 lakh or more from a person in a day; or in a single transaction; or in respect of transaction relating to one event or occasion from a person.
Penalties on cash transaction is specified under section 271DA of Income Tax Act. The section says, if a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt. These penalties are imposed by Joint Commissioner.
According to section 269ST of Income Tax Act, no person shall receive an amount of Rs 2 lakh or more from a person in a day; or in a single transaction; or in respect of transaction relating to one event or occasion from a person.
Penalties on cash transaction is specified under section 271DA of Income Tax Act. The section says, if a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt. These penalties are imposed by Joint Commissioner.
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