269ss & 269t
This query is : Resolved
08 September 2012
hello ,
I wanted to ask if there is already an opening balance in unsecured loan and no further amount has been taken from that person , then will it be included in schedule under section 269SS ?
I wanted to ask if there is already an opening balance in unsecured loan and no further amount has been taken from that person , then will it be included in schedule under section 269SS ?
08 September 2012
NO.though Opening balance in unsecured loan and no further amount has been taken from that person, it will be included in the schedule u/s 269ss as any amount received exceeds Rs. 20000 during the year will be considered for the purpose of 269SS but if amount of interest payable or paid exceeds Rs.20000 then it will be added in 269T.
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