269ss and 269t

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Manish mundai (Querist)

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

ACA Anurag

ACA Anurag (Expert)

09 September 2016 Dear Manish, Is it u paid the loan by cash??

Manish mundai

Manish mundai (Querist)

09 September 2016 no through a cheque!

ACA Anurag

ACA Anurag (Expert)

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

Manish mundai

Manish mundai (Querist)

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

Manish mundai

Manish mundai (Querist)

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

Soumitra Basu

Soumitra Basu (Expert)

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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