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269ss in 3cd report.

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2012 An Assessee has taken unsecured loan during FY 2010-11 for Rs. 100000/- and the same was mentioned in Point 24 a in 3CD Report. But during current year only interest of 21000 has been credit to his account and no other transaction has taken place and o/s amount at the end of FY was Rs. 112000/-.

shall this credit of interest to his account be treated as acceptance of loan and will any disclosure will be made under point 24 of 3CD Report???

Please revert.

Thanks in anticipation.
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Vikas Gupta

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Vikas Gupta (Expert)
09 September 2012 First of all we need to deduct TDS on interest if applicable. and if TDS is not deducted then amount o/s at the end of FY is Rs.121000/- not Rs.112000/- and Rs.21000 is Amount of Interest not acceptance so its shown as interest (net of TDS)
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Querist : Anonymous

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Querist : Anonymous (Querist)
10 September 2012 Thanks vikas but my question was whether it will be shown in Point no. 24(a) or not?
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
18 September 2012 Yes it will come in Point no. 24(a) of 3CD report as interest payment is indirect form of giving loan.
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