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Form 3CD

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06 June 2009 Is it necessary to disclose in form 3CD when a loan is received for Rs.2,50,000/- towards vehicle loans from any nationalised bank or from NBFC
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Radheyshyam Falod

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Radheyshyam Falod (Expert)
06 June 2009 Clause 24(a(v) and 24(b)(iv) needs disclosure of the mode of acceptance/repayment of the loan or deposit. Therefore , particulars of all loans/deposits exceeding the limit whether accepted/repaid in cash or otherwise need to be disclosed.Exception to disclosure for 269 SS are to banking company,govt company or a corporation established by central,state or provincial Act.
Therefore there is exemption if loans are taken from banks and financail institutions but not to NBFCs
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
06 June 2009 answered
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