report u/s 269T & 269ss

824 views 5 replies

Please anyone clear my doubt about the following :

Suppose a Proprietorship firm has given us a cheque on 01.01.2010 of Rs.200000 and we sold goods on 02.02.2010 of Rs.150000 to them , so the balance amount Rs.50000 which wasn't repaid till 31.03.2010 have to be considered as loan taken u/s 269T.

OR

We'll have to take Rs.200000 as loan u/s 269T.

Replies (5)

Dear Rahul,

 

If Rs. 50000/- is to be adjusted against next year's sales then 269SS and 269T will not be applicable.

 

You can group this balance in ARCK.

hi



i don't have any idea please send the another information.

thank you

:):)

regards,

phe9oxis,

You can include Rs.50,000/- in Sundry Creditors for Others. 

 

This is an advance payment from your debtor.

 

Hence you have not taken any loan or deposit. 

 

Tutorials: 

Advance Payment is not Deposit. Deposit is not adjustable in the business transactions. 

Thanks a lot for resolving my query.

it's just a trade advance and not all the advances can take the charecter of loan as provided under sec 269T of the income tax act, 1961. U can always justify u'r case by showing AO that amount received excess is a trade advance and it is common practice to take such advance and is adjustible against the future sales.

 

regards,

 

Manoj

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