08 August 2009
suppose, i purchase toor from my relative and make payment toward it. during the year i also take loan from the same person amounting to Rs.50000 and purchases amounting to 1000000, i maintain only one account of the same person in which i entered the amount of loan and purchase.total credit balance in this account is Rs.10.5 LAC. and total payment toward both the liabilities is 10.2lac. what will be the amount to be disclosed under Sec269SS,269T,40A(2)(b).
09 August 2009
only amt of loan should be disclosed for 269SS &269T...but its better to keep different account for different things from income tax view...
CAclubindia
