What are the tax liability of A under Indian Income Tax law?
-
what are the tax liability or penalty to A under Indian Income Tax Act , when A paid loan to B by cheque and B returned the amount to A by cash
-
Answer:
i think you mean the cash transaction from B to A the loan return by cash. if the amount per transaction is less than Rs.20000/- there is no penalty. you can get it confirmed through a chartered accountant.
SHAJI R.K at Yahoo! Answers Visit the source
Other answers
There is no penalty or tax liability. Income tax department may ask A to submit details of the sources from where B got the money.
Jss
there is not any tax or other penalty.
meet
Related Q & A:
- What are the various ways of savings to avoid income tax?Best solution by Yahoo! Answers
- If a gross monthly income of a household with 2 kids (with both adults working) is £2K how much will be a tax and NI?Best solution by Yahoo! Answers
- What is the best free online income tax software?Best solution by Yahoo! Answers
- What's the most you got back in income tax?Best solution by Yahoo! Answers
- What is the qualification required to be an income tax officer?Best solution by work.chron.com
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.