269ss

This query is : Resolved

CA Aditya Shah (Querist)
Follow

29 September 2014 while filing the tax audit report, in 269SS clause, it asks for amount of loan taken or accepted. So suppose op bal is 1 lakh n loan taken during t year is 50000, what do we write in that field? Rs 1.5 lakh(since it is t amount of loan taken) or Rs 50000?

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
Follow

30 September 2014 Amount of loan/advance taken during the year is to be reported ie.,Rs.50,000.Under the coloumn of Maximum amount outstanding during the year, the Max amount at any time during the year is to be reported.If no amount is received during the year, but only opening balance is there, the op balance is to be reported at max bal outstanding coloumn.