269 ss&269tt
This query is : Resolved
balakrishna
(Querist)
19 September 2015
Dear Experts,
Now I am going through the 3CD line by line of a private company .But I struggling at 269SS&269TT.....plz help through an example
Amol S Joglekar
(Expert)
19 September 2015
what is the difficulty?
The simplest way is : REPORT all the loans and advances
The simplest way is : REPORT all the loans and advances
balakrishna
(Querist)
19 September 2015
all the loans and advances includes advances to employees also
Amol S Joglekar
(Expert)
19 September 2015
if the advance is otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account AND if it is more than 20,000, do report the same.
balakrishna
(Querist)
19 September 2015
Unsecured loans given to directors also Can I disclose?
Amol S Joglekar
(Expert)
19 September 2015
Chapter XXB deals with:
REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX.
Section 269SS title is : Mode of taking or accepting certain loans, deposits and specified sum
In this section : "loan or deposit" means loan or deposit of money"
Income tax has nothing to distinguish between loan and/or advance and/or deposit.
Whatever that falls under the above definition be reported.
REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX.
Section 269SS title is : Mode of taking or accepting certain loans, deposits and specified sum
In this section : "loan or deposit" means loan or deposit of money"
Income tax has nothing to distinguish between loan and/or advance and/or deposit.
Whatever that falls under the above definition be reported.
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