18 September 2013
SIR, We are showing all transaction of UNSECURED LOANS (in both payment and taken) if it exceeds more than Rs. 20000/- during the financial year even if all the transactions are done through BANK under Section 269SS & 269T. BUT some say that it is only required in case of CASH transactions only. Please throw some light in this regarding.....
2)While Showing Repayment Amount, Interest on Loan Amount Paid is also added or not?
3)If only Interest on Loan is paid more than Rs. 20000/-( without any repayment of Loan), then it is required to show under Section 269T or not?
4) If we paid Rs. 95000/- in cash by bifurcating into Rs. 19000/-(i.e. 19000*5), is it required to show under the section? is it disallowed or not as we have paid it in cash? If we have paid Rs. 25000/- in cash to pay the loan, will it be disallowed or not??? Sir, Please make clear all these points and throw some light on SECTION 269SS & 269T....
18 September 2013
Any loan paid otherwise then by Account Payee Cheque or draft (means in cash) exceeding 20,000 shall be liable for a penalty of equal amount of loan.
CAclubindia
