Applicability of section 269ss of income tax act 1961
This query is : Resolved
25 December 2013
Is sectin 269ss applicable to cash advance given (in excess of RS. 20000/-) to transporter.E.g. Bill for the m/o july 2013 for Rs. 185090/- is received on 31/07/2013 but we have given cash advances to transporter of RS. 25000/- on 5/7/2013, Rs. 38000/- on 17/07/2013 & RS. 45000/- on 25/07/2013.So my question is whether sec. 269SS applicable to these cash advances or not . Does advance come under the definition of "Loan & Deposit " as given u/s 269S?
25 December 2013
yes since there is no exception given it is applicable to transporter if it was advanced and will be repaid back.
25 December 2013
Section 269SS is NOT applicable to advances given for expenses.
However, Section 40A(3A) will be applicable and the expenditure will be disallowed if the advance exceeds Rs. 20,000 or 35,000 in case of transporter.
However, Section 40A(3A) will be applicable and the expenditure will be disallowed if the advance exceeds Rs. 20,000 or 35,000 in case of transporter.
25 December 2013
if advances are given in the form of loan to be repaid back then it is covered as it will not be an exp.
25 December 2013
what if adjusted against bill in this case???
is section 269ss still applicable?
is section 269ss still applicable?
25 December 2013
Section 269SS is NOT applicable in this case.
However, Section 40A(3A) is attracted and expense will be disallowed.
However, Section 40A(3A) is attracted and expense will be disallowed.
25 December 2013
Yes it is advance for expenses and NOT loan or deposit.
25 December 2013
yes if it is adv for future exp to be incurred then sec 269SS will have no role to play and sec 40A will be applicable.
25 December 2013
you are welcome.
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