Into the current amendments, Financing (Zero. 2) Operate, 2019 substituted the phrase ‘family savings which have ‘bank account otherwise thanks to such as almost every other electronic best payday loans Olathe CO settings once the is prescribed’.'Thesesuchother digital modes’ ‘are notified by Ministry out-of Financing because following:

It part relates to all the people i.elizabeth. individual, HUF, Providers, Relationship business, AOP/BOI, Local power, Co-medical community, Faith, AJP.

v. for example most other establishment, association or human body otherwise class of organizations, contacts otherwise government that the Main Regulators may, getting reasons to become filed on paper, notify in this behalf throughout the Official Gazette :

while the mutual financing a great (19,000 + dos,000) = 21,000 is over otherwise comparable to 20,100000 the fresh provisions out-of Sec 269SS would be lured in the event your the newest mortgage on the 15 th is consumed dollars.

Example: In which X got recognized that loan from XYZ into 1 st out-of because of the crossed cheque for Rs 19,000. He had paid 3,100 from inside the money on 3 rd X requires some other mortgage out-of XYZ to own Rs.2000 within the dollars (the sooner financing remaining delinquent towards the date)

while the shared mortgage the(19,100000 – step three,000 + dos,000) = 18,000) is not more or comparable to 20,000 the fresh specifications out-of Sec 269SS won’t be attracted actually when your the newest financing to your 15 th April was consumed cash .

Example: In the event that X allows that loan from Rs. 10,100 within the dollars out-of Y and you can in initial deposit away from Rs. 15,one hundred thousand for the cash from Z. In cases like this there is no pass of your own specifications from Sec 269SS since the number isn’t more than otherwise equal so you can 20,100 from 1 person

Ans: Depending on Part 269SS (b), as towards the time from delivering or recognizing financing otherwise put otherwise specified contribution, if there’s people loan otherwise put otherwise given contribution recognized earlier was remaining outstanding then the exact same is highly recommended getting Rs 20,one hundred thousand limit

Example: in the event the X takes that loan out of Rs. twelve,one hundred thousand in dollars regarding Y towards the twelfth o f and allows a deeper loan out of Rs. nine,100000 regarding Y because of the Account payee cheque, Just like the the latest loan is through a mode off given there is not any violation of your own conditions regarding Sec 269SS

Part 271D(1) If an individual requires otherwise allows any loan or deposit or given share inside contravention of the specifications from area 269SS, he will likely be prone to spend, owing to punishment, an amount comparable to the amount of the borrowed funds otherwise deposit otherwise specified share so drawn or recognized. (2) One punishment imposable under sandwich-section (1) might be implemented because of the Shared Commissioner.

Where payer from loan otherwise put additionally the individual are each other that have farming earnings and you can none of those has people earnings rechargeable to income tax in Act

Q. Mr. Rohit had borrowed financing off Rs. fourteen,000 from Mr. X given that in form of membership payee cheque and also the same has been payable since for the amounting to help you Rs 18,one hundred thousand (In addition to desire). And he’s got lent Rs. eight,100 due to the fact Deposit during the dollars since the for the , if or not there can be one contravention so you’re able to part 269SS?

The term ‘Specified sum’ was added by the Financing Work, 2015 w.e.f of the amending new conditions out of area 269SS and you can 269T off the brand new Act, which means people amount of money receivable, if as get better or else in terms of transfer away from immovable assets irrespective of whether or otherwise not the latest import has taken set. Here, the word ‘transfer’ will have to be knew since the within the Import away from Possessions Operate, 1882. And, the expression ‘Immovable Property’ hasn’t been outlined anyplace. No matter if immovable house is funding house or stock in trade otherwise whether it is outlying agricultural property or urban home. It can be one property otherwise one assets.