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He paid down financing during the bucks out-of Rs

He paid down financing during the bucks out-of Rs

As per area 269T a person shouldn’t pay off the amount of your financing or deposit otherwise specified improve with the appeal, or no, payable thereon during the bucks to have some Rs

Example. Pratham is an employee doing work in a buddies. 23,000/-(including focus off Rs.4,000),which he grabbed out of their buddy having high education. Just what will getting results of brand new told you deal to own Good.Y. 2022-23 ?

On citation off 269T, If an individual repays any loan or deposit or specified get better described from inside the point 269T or even compared to accordance toward terms of these section, the guy shall be prone to spend, owing to penalty, an amount equivalent to the amount of the borrowed funds otherwise deposit otherwise given get better thus paid down (excluding focus) not as much as Point 271E.It’s getting indexed that words and attention are not stated for the sec 271E.So Punishment are going to be levied on the Pratham amounting Rs.19,000/-.

Mode 3CD Condition 30(cIarticulars each and every repayment of financing otherwise put otherwise people specified improve inside the a price exceeding the latest restriction specified inside the section 269T made inside the early in the day year.

To your purposes of section 269T “financing otherwise deposit” means one loan or deposit of money that is repayable once notice or repayable over time and you may, in the example of men other than a company, is sold with mortgage or deposit of any character.

  • In the case of company assessee loan otherwise put repayable into demand will not be believed for the intended purpose of this area because the financing or deposit.
  • When it comes to low-business assessee loan or deposit is placed to help you suggest financing or deposit of every characteristics. Which huge difference will need to be taken into account if you’re giving advice below that it sub-clause.

Means 3CD Term 31(e) Particulars of installment off loan/put otherwise people given advance inside the a keen amt. exceeding the latest restrict specified in part 269T obtained from the cheque / financial draft which is not a merchant account payee cheque / account payee cheque / financial write within the PY.

In case of a family mortgage or deposit repayable toward demand will never be considered with regards to that it part given that loan or deposit. However, regarding low-team assessee mortgage or deposit is set so you’re able to suggest mortgage otherwise put of every characteristics.

Clause 30 (CIARTICULARS Of each Fees Out-of Loan Or Put Or Specified Advance Within the An expense Exceeding Restrict Given Into the Point 269T Reduced During The entire year

Ins and outs of for each fees off loan or deposit otherwise one given advance when you look at the an expense surpassing the latest limitation specified inside the point 269T produced during the early in the day season :- [which sandwich-condition are last revised w.age.f. 20-08-2018 vide Notification No. dated 20-07-2018] Below that it clause, the ins and outs of for every single payment out-of financing otherwise put or one specified progress in the a price exceeding this new limit specified when you look at the area 269T produced in the previous 12 months have to feel equipped.


Sec 68 enforce where people share was paid regarding books maintained from the assessee no factor is offered otherwise the explanation offered isn’t satisfactory. The amount therefore credited may be recharged so you can income tax and you may income tax try payable within speed specified for the sec 115BBE.

The issue is where in actuality the put/ loan has already been regarded as income you/s 68, if penalty u/s 271D to have solution regarding sec 269SS are going to be enforced?

  • In the eventuality of CIT v. Shyam Company [(2013) thirty five taxmann 519 (Gujarat)] it had been stored that once booking out of advance received of the constructor ended up being analyzed once the undisclosed earnings below section 68, same could not be considered while the put to possess levy off punishment under parts 271D and 271E