269ss/t accepting loan/deposit, repayment of loan
This query is : Resolved
CA JAYESH RELKAR
(Querist)
20 September 2013
Plz clarify me my doubt.
Case 1 : If Mr. A accepts loan from Mr. X on 01/04/2012 Rs. 19,000 and repaid the same on 02/04/2012. Later on Mr. A again accepts loan from Mr.X on 03/04/2012 Rs. 18,000 and repaid on 04/04/2012. In this case nowhere o/s balance exceeds Rs. 20,000 or more. Does section 269SS attracts?
Case 2 : If Mr.A accepts loan from Mr.X on 01/04/2012 Rs. 19,000 and on 02/04/2012 accepts loan of Rs. 17,000 and repaid in 6 instalment of Rs.6,000 in cash on different dates but in same F.Y.. In this case on 02/04/2012 o/s balance goes above 20,000 so, whether section 269SS attracts in this case?
Case 1 : If Mr. A accepts loan from Mr. X on 01/04/2012 Rs. 19,000 and repaid the same on 02/04/2012. Later on Mr. A again accepts loan from Mr.X on 03/04/2012 Rs. 18,000 and repaid on 04/04/2012. In this case nowhere o/s balance exceeds Rs. 20,000 or more. Does section 269SS attracts?
Case 2 : If Mr.A accepts loan from Mr.X on 01/04/2012 Rs. 19,000 and on 02/04/2012 accepts loan of Rs. 17,000 and repaid in 6 instalment of Rs.6,000 in cash on different dates but in same F.Y.. In this case on 02/04/2012 o/s balance goes above 20,000 so, whether section 269SS attracts in this case?
CA JAYESH RELKAR
(Querist)
20 September 2013
Plz assume in above question everywhere that payment or receipt of loan has made in cash
Ratan Sharma
(Expert)
20 September 2013
In first case section 269SS will not be applicable as the o/s. balance does not exceed Rs. 20000/- or more. However in the second case it will be applicable . If the repayment is made in cash once the o/s balance is Rs. 20000 or more then sec 269T will also be applicable.
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