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Finance & Accounts

Asked by : shaji , Accounts Executive/Accountant self
Functional Area : India
Keywords : INDIAN Tax Income Act 269T 269SS
Activity: Question posted: 09 04 2008 03:37:25 +0000, 1 answers, 2993 views, last activity 07 06 2010 20:18:08 +0000
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A paid Rs.1 lakh to B by cash on 31st March 2007, B repaid the Rs.1lakh by cash in ten equal instalment before 31st March 2008

A paid Rs.1 lakh to B by cheque on 31st March, 2007, B returned Rs.1lakh by cash in ten equal instalment before 31st march, 2008

a)  Whether 269SS and or 269T attract to A?

b)  Whether 269SS and or 269T attract to B?

  Answered by     Amit K. Dagli, Partner/Principal/VP AK Dagli  | 09 14 2009 13:01:47 +0000
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As you are aware that both section 269 SS and section 269T applicable to who accept the cash.   It will be added to income and there is a provision for impressionment too.

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