269ss

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sahil mahajan (Querist)
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03 August 2013 In Audit Report (3CB) there is point of accepting loan u/s269ss exceeding the limit.

My Point is that We have to mention the loan received in cash.
OR
mention the loan received in cheque

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 August 2013 if there is transaction for loan received in cash for more then 20,000 from 1 party then u need to report else mention as "NA".

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 August 2013 The disclosure needed is in Form 3CD and not in Form 3CB.

In clause 24(a) of form 3CD loans accepted which is > Rs.20,000 whether accepted in cash or other modes has to be disclosed.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 August 2013 Warrier sir,
if loan is receieved and accepted by a/c payee bank draft then sec 269SS does not attract as it is permitted under 269SS(1).

Hence 'OTHER MODE' as you referred does not include a/c payee bank draft.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 August 2013 Sampat Ji

Please read clause 24(a) (v) of form 3CD once again.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 August 2013 Warrier sir i ahd replied with referring section 269SS-with refrence to applicability of sec 269SS.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 August 2013 Sampat Ji

i) There is no subsection (1) as such in section 269SS.

ii) Questioner has asked how to fill up form 3CD, clause 24(a)(v).

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 August 2013 1.so in case if bank draft is made for loan of more then 20,000 then whether 269ss will be attracted or not?

2.If yes, then whether it should be reported or ignored in form 3CD?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 August 2013
SampatJi

Try to fill up clause 24(a)(i) to (v) of form 3CD . The questioner is asking how to fill up clause (v).

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 August 2013 sir agreed to what you commented above.
My qusetion is in case of bank draft what should be done?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 August 2013 May be filled up as follows for a loan of Rs. 1,00.000/- taken from Mr. Samapt by bank draft and not repaid.:-

24(a) of Form 3CD
(i) Mr. Sampat
CAClub india
Mumbai 400021

(ii) Rs. 1,00,000/-

(iii) No.

(iv) Rs. 1,00.000/-

(v) No. Obtained by Bank Draft No.....
Of Punjab National Bank,Mumbai-21.

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