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269 ss&269tt

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(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
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Amol S Joglekar

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Amol S Joglekar (Expert)
19 September 2015 what is the difficulty?

The simplest way is : REPORT all the loans and advances
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balakrishna

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balakrishna (Querist)
19 September 2015 all the loans and advances includes advances to employees also
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Amol S Joglekar

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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.
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balakrishna

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balakrishna (Querist)
19 September 2015 Unsecured loans given to directors also Can I disclose?
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Amol S Joglekar

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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.
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