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Section 269SS and 269T- increase limits and widen coverage to achieve purpose

Income Tax - Direct Tax Code - DTC - By: - CA DEV KUMAR KOTHARI - Dated:- 9-4-2015 - Section 269SS and 269T concern about acceptance of loan or deposit of money and repayment of the same. In view of proposed amendments, after passing of FB 2015 speci .....

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s increased long ago w.e.f. 01.04.1989 that is more than 26 years ago. Even in proposed amendments vide the Finance Bill, 2015, these limits are kept unchanged. During last 26 years , due to inflation, the value of money has gone down very much. To b .....

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4-15 CII is 1024 so the increase in CII is 863. Simply speaking 1024 / 161 = 6.36 times. This taken into account only 75% of inflation if we consider full inflation it will be 8.48 times which is equal to about ₹ 1,70,000/-. We have also to con .....

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d increase in banking facilities the limit of ₹ 20000/- may be raised to at least ₹ 1,00,000/- for any loan and deposit and Rs. Two lakh for immovable property transactions. Coverage must be widened: Trade advances may also be covered by .....

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be brought into banking channels for all such payments and receipts. Any payment for agricultural produce exceeding ₹ 1,00,000/- by one person to any other person must be by A/c payee cheque/ draft or e-banking. Any person who has gross receip .....

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