Related section 269ss

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Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 Sir,

Should be show interest amount in audit report.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 October 2014 not under 269SS but under 269T. because you are just accepting the principal amount under 269SS.

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2014 but interest amount is outstanding, not making payment

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 October 2014 i am of the view that interest should not be included in the maximum outstanding.

I m leaving the question open for other experts to comment

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 October 2014 when loan/ advance is accepted exceeding rs 20,000 in cash then sec 269SS is attracted and int is not covered here so sec 269T is appropriate section applicable in this case.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 October 2014 Dear Tushar,

Kindl check again. 269SS doesn't apply for loans given. It is applicable to loans accepted. 269T on the other hand applies to repayment of loans.

In the querist's case, 269SS is applicable for the loans taken in cash. 269T will apply when he repays if he makes payment in cash.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 October 2014 the queirst is asking for interest so in my view sec 269T is applicable as its part of repayment of loan.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 October 2014 tushar,

my reply was to your comment that 269SS applies to loans given (now given that you have amended your earlier reply, can't help).

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2014 Guys,,

please read carefully my question.
myself asking that if interest is outstanding not paid during the financial year,, then in which section interest amount should be show under 269ss or 269t