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Application of 269ss & t for customer advances

This query is : Resolved 

11 May 2012 Hi All,

Does 269SS & T apply to advances taken from customers ?


11 May 2012 Section 269ss and t covers loans or deposited. Amt received from or paid to debtors/creditors or any advance received or paid, are not in nature of loan or deposit, there is no scope for any doubt in this regard. However provision of 40A(3) regarding amount exceeding Rs. 20,000/- will be applicable for the person paying the amount.

11 May 2012 ICAI in their publication viz., "Issues on tax Audit" in page 110 says that advance received against agreement of sale of goods is not a loan or deposit.



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