14 July 2007
whether interest on a loan taken/accepted during the year is to be shown as addition in the annexure relating to sec.269SS in the form 3 cd. and whether repayment of interest is to be included in repayment of loan during the year in the annexure relating to sec.269T in the form 3cd.
14 July 2007
In my opinion and in the practice that I follow, I have included a column for the Opening Balance as well as Closing Balance of the Loan Account. I also show the total of the receipts as well as payments that also include the entries for the interest provisions and payments of the same. In this way the entire account can be reconciled in the said table itself. It also clears any confusion that may crop up in case the interest has been provided but has not been paid upto the year end.
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