08 September 2012
I just want to know urgently whether interest accrued on loan taken shall be included for calculating maximum amount outstanding at any time during the previous year?I also want to know which amounts shall be included in calculating the maximum amount.Please reply as soon as possible.
08 September 2012
item 24a specifies that you should disclose particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken during previous year. Sec 269 ss states No person shall, after the 30th day of June, 1984, take or accept from any other person (hereafter in this section referred to as the depositor), any loan or deposit otherwise than by an account payee cheque or account payee bank draft. it doesnot speak about interest. So interest need not be taken for this purpose.
08 September 2012
Normally, the interest element does not fall with in the scope of section 269SS. However, if interest is converted into loan/deposit , by mutual consent, maximum amount is inclusive of interest. Courtesy :- ICAI Publications.
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