Introduction: Purchase out of unsecured/secure loan of low-regulators & banking institutions are often traced & monitored by income tax divisions. it is therefore crucial that you know very well what will be parts that apply at your everyday deals and just how such transactions try dealt with into the Analysis procedures. Which it is vital to to have some basic experience in such Taxation Provisions.
Restriction with the acceptance and you can payment from financing in the dollars:
Areas 269SS and 269T had been talked about in this article and you may so it works with dollars payment and cost from money and you may places. The areas were launched so you’re able to suppress new black colored currency. Taxation evasion is one of the significant troubles inside Asia leading to financial disparities. Not true cash purchases promote delivery in order to unaccounted currency which in turn develops income tax evasion.
Part 269SS:
A guy you should never accept mortgage otherwise put and other specified share (specified contribution right here makes reference to an advance or otherwise, with regards to brand new import of every immovable possessions) regarding someone else if you don’t than just because of the an account payee cheque otherwise account payee financial draft or usage of digital cleaning system through a bank checking account, when the –
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