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Income-Tax & CTP Q2

0. Section 269SS provides that no person shall take or accept a loan or deposit or specified sum exceeding Rs. 50,000 by any mode other than account payee cheque or account payee demand draft or by use of electricity clearing system through a bank account. Contravention of the provisions of section 269SS will attract penalty under section 271D of an amount equal to loan or deposit taken or accepted or specified sum.

  • Option : B
  • Explanation : Section 269SS provides that no person shall take or accept a loan or deposit or specified sum exceeding Rs. 20,000 by any mode other than account payee cheque or account payee demand draft or by use of electricity clearing system through a bank account. Contravention of the provisions of section 269SS will attract penalty under section 271D. The penalty under section 271D shall be levied of an amount equal to loan or deposit is taken or accepted or specified sum.
    Thus, the statement given in the question is false and hence, option (b) is the correct option.
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