Inside the previous amendments, Fund (Zero. 2) Act, 2019 substituted the word ‘checking account which have ‘family savings or due to instance almost every other digital settings because the is generally prescribed’.’Thesesuchother digital modes’ ‘are notified from the Ministry from Funds just like the following:

It area pertains to all of the persons i.elizabeth. personal, HUF, Organization, Relationship corporation, AOP/BOI, Regional expert, Co-operative community, Faith, AJP.

v. instance most other organization, connection otherwise human body or group of establishments, connections or bodies that Main Bodies can get, to own reasons to become registered on paper, alert within behalf regarding the Authoritative Gazette :

due to the fact combined financing outstanding (19,100000 + 2,000) = 21,100 is over otherwise equivalent to 20,000 the new terms out-of Sec 269SS would-be attracted whether your brand new mortgage with the 15 th was drawn in bucks.

Example: In which X had acknowledged a loan out-of XYZ into 1 st out of because of the crossed cheque having Rs 19,000. He previously repaid step 3,000 inside cash on step 3 rd X requires payday express Gettysburg another mortgage from XYZ to own Rs.2000 into the bucks (the sooner mortgage kept outstanding to the time)

because combined mortgage a good(19,100000 – step 3,000 + 2,000) = 18,000) is not more than otherwise comparable to 20,one hundred thousand the newest terms off Sec 269SS will never be lured even if for example the new mortgage into 15 th April is drawn in dollars .

Example: If X allows a loan away from Rs. ten,100 when you look at the dollars from Y and in initial deposit regarding Rs. 15,000 within the bucks regarding Z. In such a case there isn’t any admission of the arrangements of Sec 269SS given that amount is not over or equivalent so you’re able to 20,100 from a single people

Ans: According to Point 269SS (b), since the to your day away from taking or recognizing loan otherwise deposit or given contribution, if you have any financing otherwise put otherwise specified share accepted earlier try kept unpaid then exact same should be considered to own Rs 20,one hundred thousand limit

Example: if X requires that loan off Rs. twelve,100 in bucks off Y toward 12th o f and you may welcomes a further financing of Rs. 9,100000 regarding Y by Account payee cheque, Since the newest loan is by a mode of recommended indeed there is no pass of one’s provisions out of Sec 269SS

Section 271D(1) If a person requires otherwise allows one loan otherwise put otherwise specified share into the contravention of your provisions away from part 269SS, he are liable to pay, as a result of punishment, an amount comparable to the degree of the mortgage or put or given sum therefore drawn otherwise recognized. (2) People penalty imposable under sub-part (1) might be implemented because of the Mutual Commissioner.

Where in fact the payer of loan otherwise put and individual was both that have farming income and you can none ones has any income rechargeable so you’re able to tax underneath the Work

Q. Mr. Rohit got lent financing out of Rs. 14,000 out-of Mr. X while the on in types of account payee cheque in addition to same has been payable as the with the amounting to help you Rs 18,100000 (Plus appeal). Together with he’s got lent Rs. eight,000 as the Put in cash while the towards the , if or not there was people contravention in order to area 269SS?

The word ‘Specified sum’ try added by the Loans Operate, 2015 w.elizabeth.f by amending brand new terms away from part 269SS and you may 269T of the new Operate, and therefore one amount of cash receivable, if or not because improve or else when it comes to import of immovable assets whether or perhaps not the new import has taken place. Here, the term ‘transfer’ should be realized due to the fact within the Transfer out of Assets Operate, 1882. Including, the term ‘Immovable Property’ hasn’t been outlined everywhere. No matter whether or not immovable house is financial support advantage or stock-in-trade or be it rural farming home otherwise metropolitan residential property. It could be one belongings otherwise any property.