Clause 24 of Form No 3CD

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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2010 Can anyone explain the Clause 24(a)(iii) of Form No 3CD - "whether the loan or deposit was squared up during the previous year".

Thankful for earlier replies.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2010 If the loan account reflects a zero balance at the year end,the cloumn may be filled as "yes".

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Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 Sir,
In what sense or meaning, the term "Squared Up" is used in that clause?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 September 2010 For want of clarity, the meaning understood by a common man in business parlance can be taken. It cna be squared up by way of payment or by way of book entries or partially by payment and book entries. Therefore, instead of giving a one word answer like yes/No ,as per my understanding,a brief description of the methodology of squaring up may also be given.

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