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1492 terms

Glossary

Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.

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Section 269SS

Regulation & tax

An income-tax provision requiring loans, deposits and advances above a prescribed amount to be taken otherwise than in cash; Section 269T applies the same restriction to repayment.

In plain terms

It catches ordinary family arrangements. An informal loan settled in cash exposes both sides to a penalty equal to the amount, which is an expensive way to do somebody a favour.

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Indian stock market glossary · Market Vidyalaya