Tax audit queries
This query is : Resolved
18 August 2011
under sec 269ss we give details of unsecured loans accepted during the year and under sec 269t, we give details of loans repaid during the year. my question is wherther credit of interest and payment thereof would come under the above sections or not. pls advice early
18 August 2011
No. the same shall not come under loan acceptance.
We dont show the same as a common general practice.
But you should ensure that the same is repaid through an a/c payee cheque.
We dont show the same as a common general practice.
But you should ensure that the same is repaid through an a/c payee cheque.
18 August 2011
ICAI Guidelines says as follows:=
" Normally the interest element does not fall with in the scope of section 269SS. However, if the interest is converted into a loan or a deposit and if the aggregate of the loans and the interest so converted as loan exceed the limit mentioned in the said section the tax auditor has to report on the same".
" Normally the interest element does not fall with in the scope of section 269SS. However, if the interest is converted into a loan or a deposit and if the aggregate of the loans and the interest so converted as loan exceed the limit mentioned in the said section the tax auditor has to report on the same".
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Refund of AY 22-23
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- Confusion around Form 26QB fields
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
- GSTR3B IMS Deshboard ( Rec. Solution )
Trending Online Classes
CAclubindia
