dear all,
I need the clarification about the 269ss and 269t.
1. If a customer has deposited the cash amount into our account is more than Rs.20000/- it is effected by sec 269ss and 269t.
2. if a firm having a negative cash balance, in that time some of them has entered a receipt entry (loan taken from others) is more than Rs.20000/- . How can we adjust in that time according to 269ss and 269t
Dear Sir,
Sections 269ss and 269t are applicable to transactions in the nature of loan only.
Therefore, If you have received customer ADVANCE, it is not covered by the above sections.
In the second case, you may break the amount of loan from others to multiple parties. In Tax audit report, transactions are reported partywise. If amount of loan from any one party does not exceed Rs. 20,000/-, then no reporting is to be done.
Hope this helps.
CAclubindia
