19 September 2015
Dear Experts,
Now I am going through the 3CD line by line of a private company .But I struggling at 269SS&269TT.....plz help through an example
19 September 2015
if the advance is otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account AND if it is more than 20,000, do report the same.
19 September 2015
Chapter XXB deals with: REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX. Section 269SS title is : Mode of taking or accepting certain loans, deposits and specified sum In this section : "loan or deposit" means loan or deposit of money"
Income tax has nothing to distinguish between loan and/or advance and/or deposit.
Whatever that falls under the above definition be reported.
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