Section 269SS of ITA, 1961 : Section 269Ss: Mode Of Taking Or Accepting Certain Loans, Deposits And Specified Sum
ITA, 1961
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Explanation using Example
Imagine a scenario where Mr. A wants to borrow Rs. 30,000 from his friend Mr. B to cover some emergency expenses. According to Section 269SS of the Income-tax Act, 1961, Mr. B cannot give this amount to Mr. A in cash if the total amount of the loan or the aggregate amount of suc...
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