When you look at the recent amendments, Finance (Zero. 2) Work, 2019 replaced the phrase ‘checking account with ‘savings account or because of such as most other digital methods since the is generally prescribed’.’Thesesuchother electronic modes’ ‘are informed because of the Ministry out-of Funds just like the following:

That it part pertains to most of the persons i.age. individual, HUF, Providers, Union agency, AOP/BOI, Local expert, Co-surgical community, Faith, AJP.

v. particularly most other business, connection otherwise human anatomy otherwise category of associations, associations or bodies that the Central Government can get, to possess reasons to become filed on paper, alert within this part regarding the Certified Gazette :

since the joint loan a fantastic (19,100 + dos,000) = 21,100 is more than or equivalent to 20,100 the new provisions from Sec 269SS could be attracted whether your the latest mortgage toward 15 th was used cash.

Example: Where X had approved a loan from XYZ towards 1 st regarding by the crossed cheque to own Rs 19,000. He had paid back step three,100 for the cash on 3 rd X takes various other mortgage from XYZ for Rs.2000 for the dollars (the sooner financing left outstanding with the go out)

given that shared loan a great(19,000 – step three,one hundred thousand + 2,000) = 18,000) isn’t more than otherwise comparable to 20,000 the specifications off Sec 269SS are not attracted even if the brand new mortgage to your fifteen th April is used dollars .

Example: In the event that X allows a loan off Rs. ten,000 in the cash out-of Y and you can a deposit off Rs. 15,one hundred thousand inside the cash out of Z. In this instance there isn’t any citation of your own specifications of Sec 269SS since amount isn’t more than otherwise equal so you can 20,100 from one person

Ans: Depending on Section 269SS (b), while the on the date off delivering otherwise recognizing financing or put otherwise specified contribution, if you have people loan or put otherwise given contribution accepted earlier try kept unpaid then your exact same is highly recommended having Rs 20,one hundred thousand restrict

Example: in the event the X requires that loan of Rs. a dozen,100000 into the bucks regarding Y toward 12th o f and you may allows a much deeper mortgage out-of Rs. nine,000 out of Y because of the Membership payee cheque, As the brand new loan is via a method off recommended there is no pass of your own specifications out of Sec 269SS

Part 271D(1) If one requires or accepts any loan otherwise deposit or specified contribution within the contravention of the specifications of section 269SS, he can be prone to pay, as a result of punishment, an amount comparable to the amount of the loan or put otherwise given contribution thus taken otherwise accepted. (2) One penalty imposable below sandwich-section (1) are going to be imposed from the Joint Commissioner.

In which the payer out of mortgage otherwise deposit therefore the recipient are both which have agricultural income and you can none of these enjoys people earnings rechargeable so you’re able to tax according to the Operate

Q. Mr. Rohit got borrowed financing regarding Rs. 14,100000 regarding Mr. X while the in style of account payee cheque plus the same has been payable while the to your amounting to Rs 18,one hundred thousand (And focus). And he has got borrowed Rs. seven,000 once the Put for the dollars once the into the , whether or not you will find one contravention so you can area 269SS?

The definition of ‘Given sum’ was extra by the Fund Operate, 2015 w.elizabeth.f by amending the fresh conditions regarding New Jersey loan part 269SS and you can 269T from new Act, which means any sum of money receivable, if or not because get better or else regarding import off immovable property irrespective of whether or otherwise not brand new transfer has brought set. Right here, the definition of ‘transfer’ will have to be knew since the according to the Import regarding Property Work, 1882. Plus, the expression ‘Immovable Property’ has not been defined everywhere. No matter if or not immovable house is capital advantage or stock in trade otherwise should it be outlying farming homes or urban home. It may be any property otherwise any property.