90,000+ Legal Questions Answered
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
Helpful
Helpful
Share
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.
Helpful
Helpful
Share
Read Related Answers
Legal Query
Dear sir,
You can do as proposed at your risk. It seems you have perfected the law relating to above matter and if unfortunately anything happens just go to High court and get a stay order on such pro...
Finance name change
Dear Client,
A financier cannot take away the secured asset from the borrower who fails to repay his debt without an order from the Court. In the given situation, filing a complaint against the recov...
Demat account and equity share related
Dear sir,
You may get issue legal notice to give your money/dividend failing which you may go to civil court to get the same.
Nach charges
Dear Client,
You can connect with the bank to know the reason for deduction of NACH charges and solve the matter amicably. But, in case of inaction or unreasonable deductions by the bank, you can file...
Recovery of my fund against Fraud via share market in whatsup group
Dear Client,
send a legal notice to them through an advocate for offence of cheating under sec 416, 420 of IPC. make sure o=to have all evidences in form of proof like receipts, bills etc additionall...
Read Blogs on Financial Markets and Services
Financial Markets and Services Lawyers
Find Lawyers by Location
