Section 269ss and 269t of income tax act

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Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2011 i want to know what are the loans covered under section 269T and 269SS of the income tax act 1961. whether o/d and c/c account are also covered ? whether secured loan from banks likes car loan and car financed from finanace company are also covered ?

CA Navin Jain

CA Navin Jain (Expert)
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14 September 2011 yes, all loans are covered.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2011 sir but banking company is exemptd from the purview of section 269ss and 269t

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CA Navin Jain

CA Navin Jain (Expert)
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14 September 2011 but details is also required in tax audit .

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2011 sir please give the reason for the same.

thanks in advance

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2011 sir can you please tell me the disclosure requirements of AS-11

CA Navin Jain

CA Navin Jain (Expert)
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14 September 2011 READ AS-11 FOR ACCOUNTING DISCLOSURE

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CMA Gul S

CMA Gul S (Expert)
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14 September 2011 All loans are covered, refer AS-11

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Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2011 SIR I WANT TO KNOW DISCLOSURE REQUIREMENTS OF AS -11 WHERE WE HAVE CREDITORS STANDING IN THE BOOKS FOR $10000 AND WE HAVE REVALUED THE SAME WITH CLOSING RATE AS ON 31.03.2011. BUT I WANT TO WHETHER CLOSING STOCK CONTAINING THE STOCK PURCHASED FROM THE FOREIGN CREDITOR IS ALSO TO BE REVALUED ?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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14 September 2011 Section 269SS do not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by, —
(a) Government;
(b) any banking company, post office savings bank or co-operative bank;
(c) any corporation established by a Central, State or Provincial Act;
(d) any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956);
(e) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette.
Similar is the situation regarding transactions covered by section 269T. Therefore, nothing is to be reported if any borrowals/repayments are made to such agencies otherwise than by account payee cheques/drafts.
tHEREFORE IF THE LENDING INSTTITUTION IS A BANKING CO THEN RIGOUR OF 269SS IS NOT ATTRACTED
IN ACSE OF FINANACE CO THE SITUATU=ION IS DIFFERENT AND THEY ARE COVERED

CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2011 thank you so much sir. sir i also want to know about the disclosure requirements of AS-11 regarding creditors standing in the books of $10000.