https://www.taxtmi.com/article/detailed?id=1127 Provisions impose a mandatory account payee instrument requirement for accepting and repaying loans or deposits above the statutory cash threshold, with exemptions for government entities, banks and other notified institutions. Penal consequences include a penalty equal to the amount accepted or repaid for contraventions, while relief under the reasonable cause principle can be claimed for facts such as partner capital transactions, payments treated as income, emergency needs, lack of banking access, journal entries, or other compelling circumstances. en-us Thu, 10 Feb 2011 13:32:59 +0530 Thu, 10 Feb 2011 13:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1127 Provisions impose a mandatory account payee instrument requirement for accepting and repaying loans or deposits above the statutory cash threshold, with exemptions for government entities, banks and other notified institutions. Penal consequences include a penalty equal to the amount accepted or repaid for contraventions, while relief under the reasonable cause principle can be claimed for facts such as partner capital transactions, payments treated as income, emergency needs, lack of banking access, journal entries, or other compelling circumstances. Articles Income Tax Thu, 10 Feb 2011 13:32:59 +0530 https://www.taxtmi.com/article/detailed?id=1127