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| Law and Procedure an e-book | ||
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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on Disallowance of cash expenses or limit on cash transactions |
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What is the penalty for contravention of Section 269SS? |
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Ans. Where a person takes or accepts any loan or deposit (or specified sum) in cash or in a mode which is in contravention of Section 269SS, he shall be liable for a penalty under Section 271D of a sum equal to the amount of the loan or deposit (or specified sum) so taken or accepted. |
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