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Q. > Please Help: Income Tax
As per Section 269T ofth Income tax act 1961 if a bank pays FD amount in cash themn what will be the % of penalty?
1 Answers
answered Mar 19, 2013 by Ravi Sanguri , East Delhi
If a person repays any loan or deposit in contravention of section 269 T, he shall be liable to pay , by way of penalty , a sum equal to the amount of the loan or deposit so repaid unless he can prove that there was reasonable cause for doing so.
Any penalty imposable in the above case shall be imposed by the joint commissioner.
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MANOJ
11-Apr-2013 , 02:40:51 pmsection 269T not applied to banking company as banking companies are set aside from purview of Sec 269T. So no question of penalty arise u/s 269T.