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269ss and 269t

Ganpath Iyer (Articles) (42 Points)

14 April 2016

Hello

I am aware that under clause 31 of Form 3CD one needs to give details of all the expenses on which is TDS is deductible irrespective of the fact whether TDS is deducted or not. Similarly I wish to clarify whether in clause 31(a) and (b) should one give details of all the loan taken/repaid or details of only those loan taken/repaid which violates section 269SS and 269T of Income tax Act 1961. I would appreciate any specific reference of circular guidance note etc.

Thank you.

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2 Replies

CA Prateek Garg (CA in Practice) (1444 Points)
Replied 25 April 2016

Para 51.3 of 'Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961' issued by ICAI states as follows -

51.3 Particulars of each loan or deposit falling within the scope of this section as mentioned above taken or accepted during the previous year have to be stated under this sub-clause. This sub-clause requires five specific particulars in respect of each loan or deposit including the permanent account number of the lender, if available.

According to above para each loan/deposit, which fall within the scope of section 269SS, is to be reported. In my opinion each loan/deposit exceeding 20,000/- (individually or in aggregate) is a subject matter of section 269SS. Hence each of such loan/deposit should be reported in form 3CD, irrespective of whether or not it voilates the section.

Thanks & Regards

Prateek Garg

Chartered Accountant