Incase there is a loan accepted and deposits accepted from two person during a FY. and it is accepted through account payee cheque what should i report in form 3CD in clause 24?? and what does it mean whether it s squared up?
Aswathy (student) (27 Points)
09 January 2012Incase there is a loan accepted and deposits accepted from two person during a FY. and it is accepted through account payee cheque what should i report in form 3CD in clause 24?? and what does it mean whether it s squared up?
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 09 January 2012
you have to disclose amount of loan taken, max outstanding during the year, and 'No' in the column whether accepted by means other than account payee cheque or draft. If the loan is paid up in full and outstanding amount as on 31.03 is Nil than it is called squared up.
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 09 January 2012
same will be applicable
Aswathy
(student)
(27 Points)
Replied 09 January 2012
Should the loan accepted in earlier years having same balance be reported uder 269SS or only the Loan accepted during the year should be considered
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 09 January 2012
269 SS & T disclosure is required only if loan is taken or repaid. Interest transaction will also be considered for the same. Interest given shall be shown as loan taken and payment will be shown as repayment (only if interest is routed through unsecured loan account.)
Souvik Kumar Ghosh
(CA Final)
(1368 Points)
Replied 09 January 2012
| Originally posted by : CA Neil Ganatra | ||
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269 SS & T disclosure is required only if loan is taken or repaid. Interest transaction will also be considered for the same. Interest given shall be shown as loan taken and payment will be shown as repayment (only if interest is routed through unsecured loan account.) |
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ROSELINA JACOB
(.)
(33 Points)
Replied 20 August 2013
what do you mean by Squared up in Accepting Loan u/s. 269SS
Mayank
(AUDITOR)
(25 Points)
Replied 30 June 2015
whether TDS deducted will be considered as payment in sec 269T or not ?
Ritik Chopra
(student)
(8128 Points)
Replied 02 April 2021
'squared up' means whether the balance has become nil or not
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