269ss and 269t
This query is : Resolved
09 September 2016
if there is opening balance of unsecured loan of Rs.2 lakh from a person and during the year it is repaid during the year, is this a example of "square off" ? if not , please xplain what does square off mean.. thanks
09 September 2016
Dear Manish,
Is it u paid the loan by cash??
09 September 2016
no through a cheque!
09 September 2016
Then where is point of 269SS and 269T as u mentioned in subject
Further square off term is used in stock market which does not means that paying a unsecured loan is a example of square off.
if u r doing intra day transaction in stock market then at the close of market it should be square off means it should be nullified.
Hope your query is resolved
Kindly like if my response has helped
09 September 2016
actually when we make 3CD, we need to make annexures for 269ss and 269t and when making 269 ss , should i show detail of a transaction in which loan has been repaid of rs. 2 lakh but no loan was taken during the year, rather it was opening balance of rs. 2 lakh from a person...i hope u got my point, what i am trying to ask
09 September 2016
i am asking detail in 269ss beacuse we make a column in excel "was the amount squared off during the year" , which we answer yes or no
10 September 2016
YOU ARE CORRECT. SQUARED OFF MEANS THE IMPUGNED LOAN HAS BEEN FULLY REPAID DURING THE YEAR EITHER TAKEN PREVIOUSLY ON TAKEN DURING THE YEAR.
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