Ashutosh Jhalani (Partner) (28 Points)
05 October 2011In Tax audit report while reporting compliance of provision of 269SS and 269T whether those transcation are required to be reported which are made in cash for more than specified limit or all transaction whether done in cash or account payee cheque or demand draft should be reported
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 05 October 2011
Hi , Reading the below lines from form 3CD, we can draw out the infernces that only loans in excess of limit to be reported :
Particulars of each loan or deposit in an amount
exceeding the limit specified in section 269SS taken or
accepted during the previous year :—
(i) name, address and permanent account number (if
available with the assessee) of the lender or
depositor;
(ii) amount of loan or deposit taken or accepted;
(iii) whether the loan or deposit was squared up during the
previous year;
(iv) maximum amount outstanding in the account at any
time during the previous year;
(v) whether the loan or deposit was taken or accepted
otherwise than by an account payee cheque or an
account payee bank draft.
*(These particulars need not be given in the case of a
Government company, a banking company or a
corporation established by a Central, State or Provincial
Act.)
(b) Particulars of each repayment of loan or deposit in an
amount exceeding the limit specified in section 269T
made during the previous year :— [ITR62;3CD,1]<1>
Printed From
(i) name, address and permanent account number (if
available with the assessee) of the payee;
(ii) amount of the repayment;
(iii) maximum amount outstanding in the account at
any time during the previous year;
(iv) whether the repayment was made otherwise than
by account payee cheque or account pay
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