269ss in 3cd report.

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2012 An Assessee has taken unsecured loan during FY 2010-11 for Rs. 100000/- and the same was mentioned in Point 24 a in 3CD Report. But during current year only interest of 21000 has been credit to his account and no other transaction has taken place and o/s amount at the end of FY was Rs. 112000/-.

shall this credit of interest to his account be treated as acceptance of loan and will any disclosure will be made under point 24 of 3CD Report???

Please revert.

Thanks in anticipation.

Vikas Gupta

Vikas Gupta (Expert)
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09 September 2012 First of all we need to deduct TDS on interest if applicable. and if TDS is not deducted then amount o/s at the end of FY is Rs.121000/- not Rs.112000/- and Rs.21000 is Amount of Interest not acceptance so its shown as interest (net of TDS)

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2012 Thanks vikas but my question was whether it will be shown in Point no. 24(a) or not?

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