12 August 2014
Whether interest credited on loan account but not paid is to be taken as a loan acceptance and it should be disclosed in 3cd under clause 24(a)section 269ss?
12 August 2014
Interest credited can be considered to be in the nature of loan and reporting becomes necessary. Inference is from ICAI publication viz., Issues on Tax Audit.
12 August 2014
If the opening balance of a loan is Rs. 1,00,000/-, interest credited during the previous year Rs. 24,000/- and the closing balance is Rs. 1,24,000/-, what are the reporting requirements under clause 24(a)?
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