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jaskaran singh (Querist)
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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?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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/-

jaskaran singh

jaskaran singh (Querist)
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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"...

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