whether staff advances will be shown in 269ss & t clause if it violates those sections. if no where it is mentioned
3 Replies
Harpreet
(* * * * * *)
(1670 Points)
Replied 13 May 2011
No you do not need to metion staff advance as only unsecured loans and their repayments has to mentioned in 269ss.
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8639 Points)
Replied 13 May 2011
Staff advance is a part of Loans and Advances (Asset).
269SS and 269T deal with Loans and Deposits Accepted and Repaid. Further, there is no mention about the nature of loan, whether secured or not, under sections 269SS and 269T. It just mentions acceptance of loans and deposits and repayment thereof. Staff advances wont attract the provisions of 269SS and 269T.
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