Inside the previous amendments, Finance (No. 2) Operate, 2019 substituted the definition of ‘family savings with ‘savings account otherwise through such almost every other electronic methods as tends to be prescribed’.’Thesesuchother digital modes’ ‘are informed by https://perfectloans24.com/payday-loans-il/eureka/ the Ministry from Financing as following:

It point applies to all persons we.elizabeth. individual, HUF, Organization, Commitment firm, AOP/BOI, Local authority, Co-medical area, Faith, AJP.

v. instance almost every other business, association otherwise system or group of institutions, connections otherwise bodies that Central Bodies can get, getting reasons to be filed written down, notify inside account on Official Gazette :

because the joint loan a good (19,000 + 2,000) = 21,000 is more than or equal to 20,000 the brand new arrangements out of Sec 269SS might be lured in the event the brand new financing into the fifteen th is taken in dollars.

Example: Where X got acknowledged financing off XYZ towards the step 1 st out-of from the entered cheque to have Rs 19,100000. He had paid back step three,100 during the money on step 3 rd X takes other financing of XYZ to have Rs.2000 inside cash (the sooner financing remaining unpaid towards big date)

once the mutual mortgage the(19,100000 – step 3,000 + dos,000) = 18,000) isn’t more than otherwise equivalent to 20,100000 brand new arrangements from Sec 269SS won’t be lured also if your brand new financing to the 15 th April try consumed bucks .

Example: If X welcomes a loan away from Rs. ten,one hundred thousand within the cash from Y and in initial deposit away from Rs. 15,100000 in the bucks regarding Z. In this instance there isn’t any solution of one’s provisions out-of Sec 269SS since the amount isn’t more than otherwise equal so you’re able to 20,100 in one person

Ans: As per Section 269SS (b), because to the day away from providing otherwise accepting financing or put or given contribution, if there’s any loan otherwise deposit or given share acknowledged prior to try kept outstanding then the exact same should be considered to possess Rs 20,000 limit

Example: if the X requires financing out of Rs. twelve,100000 during the dollars away from Y on the 12th o f and you may allows a much deeper loan out of Rs. nine,000 of Y because of the Account payee cheque, Because the fresh financing is through a mode away from prescribed truth be told there isn’t any admission of arrangements away from Sec 269SS

Part 271D(1) If a person takes or welcomes one mortgage or deposit otherwise specified contribution from inside the contravention of one’s specifications from section 269SS, the guy would be liable to pay, through penalty, an amount equivalent to the amount of the borrowed funds or put or given sum very taken or approved. (2) Any penalty imposable significantly less than sandwich-part (1) is imposed of the Combined Administrator.

Where the payer out of mortgage or deposit in addition to recipient are each other having agricultural earnings and you will neither ones features one income chargeable to help you taxation within the Act

Q. Mr. Rohit had lent that loan regarding Rs. 14,100000 of Mr. X due to the fact in sort of membership payee cheque while the same has been payable since the toward amounting so you’re able to Rs 18,000 (And attention). Along with he’s got borrowed Rs. eight,100000 once the Deposit during the cash as the to the , whether or not discover people contravention to help you point 269SS?

The word ‘Specified sum’ are extra by Fund Work, 2015 w.e.f of the amending the latest provisions of point 269SS and you may 269T out-of the Work, which means people sum of money receivable, whether because the advance otherwise with regards to import off immovable property irrespective of whether or not brand new import has had put. Here, the expression ‘transfer’ will need to be realized due to the fact under the Import out of Possessions Act, 1882. And additionally, the expression ‘Immovable Property’ was not defined anywhere. It doesn’t matter if or not immovable house is funding house or stock in trade or whether it’s rural farming homes otherwise metropolitan land. It may be people residential property or one assets.