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Sec.269t

1947 views 6 replies

Shehtaz

student

42 Points Joined September 2007

With regards to Sec.269t of the Income Tax Act, is interest amount to be included in the repayment amount for purposes of form 3CD

Replies (6)

Nitesh

Chartered Accountant

340 Points Joined August 2007

no only the principle portion to be included

Late CA Sampat Jain

Chartered Accountant

4772 Points Joined March 2007

Applicability of provision - If the amount of repayment after including the interest is Rs. 10,000 or more, the provisions of section 269T would be attracted.—Circular : No. 479 [F.No. 225/47/86-IT(A-II)], dated 16-1-1987. Now the limit is Rs 20,000/_

madhusudan

Professional

272 Points Joined August 2007

Mr. Jain is very correct it is the repayment of principal along with interest which if exceeds Rs. 20000/- per annum would attract penalty.

siddh

Article (Final Result waited)

391 Points Joined August 2007

if u due intt not paid in that year than alonwith intt this sec. app.

Sunil

Student (articled Trainee)

19 Points Joined June 2007

Good Day!! Dear siddh As the words used amount outstanding in the account will include the interest due portion also. This is my point of view. If wrong please correct it. Regards Sunil keep smiling

siddh

Article (Final Result waited)

391 Points Joined August 2007

dear sunil i use word due for c/y intt.,if we paid intt in c/ythen o/s amt will not be inclusive of intt. exp. intt. a/c dr. to intt. payable intt. payable a/c dr to cash or if u dont want to paid intt.in cash then intt,. a/c dr to party