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Know About Section 269SS and Section 271D

Know About Section 269SS and Section 271D

PENALTY PROVISION

“Section 271D”

Section 271D provides for penalty for failure to comply with the provisions of section 269SS.

Before going through this section we must have a clear understanding on what does section 269SS says.

What is section 269SS ?

Ans. Section 269SS emerges with the reason to put restrictions on person to accept loan or any deposit in cash.

As per this section, no person shall accept any loan or deposit of amount of Rs. 20,000 or more from any other person otherwise than by “Account payee cheque or bank draft or by use of electronic clearing system through a bank account”.

Now, section 269SS applies on the following cases:-

  1. When a transaction occurs involving accepting loan or deposit amounting to Rs. 20,000 or more; or
  2. Where on the date of taking or accepting loan or deposit from a person, any earlier loan or deposit taken or accepted from the same person remaining unpaid is Rs. 20,000 or more; or
  3. Aggregrate amount of unpaid loan or deposit and, loan or deposit proposed to be taken or accepted from the same person is Rs. 20,000 or more

Exceptions: – This section shall not apply to loan or deposit taken or accepted from/by  the following persons:-

  1. Any government company as defined in Companies Act, 2013
  2. Any cooperation established by a central, state or provincial act
  3. Cooperative Bank
  4. Post office saving Bank
  5. Government
  6. Any Banking Company
  7. Any institutions, association or body which the central government may, notify in this behalf in official gazette.
  8. Persons who is having income only from agriculture or who has income not chargeable to tax

PENALTY: – If a person contravenes the provision of Section 269SS then he shall be punishable with a penalty of equal to the amount of loan or deposit taken or accepted and that such penalty shall be imposed by Joint Commissioner.

Know About Section 269SS and Section 271D

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