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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 specified payments for property deals will also be covered. Provisions provide for receipt as well repayment by way of A/c payee cheques or draft, e- banking transfers etc. in certain circumstances. Limit must be increased: The limit of ₹ 20000/- wa .....

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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 consider that a man who could receive a loan of ₹ 20,000/- and purchase some set of things in 1989 now needs ₹ 1,70,000/- for same set of things considering CII. So naturally limit for taking loan should be increased. However, keeping in min .....

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