Section 271D – Penalty for Cash Loans or Deposits

Tax Glossary Definition

Section 271D – Penalty for Cash Loans or Deposits

Under this provision, if any person accepts a loan or deposit in cash exceeding ₹20,000, contrary to the rules of Section 269SS, a penalty equal to the amount received is imposed. This measure aims to deter unrecorded or non-transparent cash dealings.

Example: Accepting a loan of ₹25,000 in cash would attract a penalty of ₹25,000 under Section 271D.

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