44 AB
This query is : Resolved
26 September 2010
My query is related to sec. 269SS of Income Tax Act, 1961.
If unsecured loan taken is Rs.1,00,000/- and interest paid during the year is Rs.12,000/-
then closing balance will be Rs.1,12,000/-
Now my question is Which amount should be taken as "maximum amount outstanding at any time during the year as per sec 269SS?"
100000 OR 112000?
If unsecured loan taken is Rs.1,00,000/- and interest paid during the year is Rs.12,000/-
then closing balance will be Rs.1,12,000/-
Now my question is Which amount should be taken as "maximum amount outstanding at any time during the year as per sec 269SS?"
100000 OR 112000?
26 September 2010
Normally,the interest element does not fall with in the scope of section 269SS(as per ICAI guidelines). However, the interest being credited in the loan account,it partakes the character of loan and accordingly, the maximum amount outstanding,for reporting purpose, may be shown at Rs.1,12,000/-
26 September 2010
sir,
So in Form 3CD, Annexure to loans and deposits
v can show amount with or without interest because u hav used word "may"...
So in Form 3CD, Annexure to loans and deposits
v can show amount with or without interest because u hav used word "may"...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
