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Discussion > Income Tax > Tax queries >

Section 269ss and 269t of it act

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Partner


[ Scorecard : 28]
Posted On 05 October 2011 at 15:21 Report Abuse

In 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  


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C.A SHASHANK GOYAL
Chartered Accountant


[ Scorecard : 362]
Posted On 05 October 2011 at 17:49

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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