Application of 269ss & t for customer advances
This query is : Resolved
CA Uday Kiran
(Querist)
11 May 2012
Hi All,
Does 269SS & T apply to advances taken from customers ?
Does 269SS & T apply to advances taken from customers ?
Sumti Bhadani
(Expert)
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.
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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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