Income Tax Section 269SS and 269T
This query is : Resolved
28 August 2009
Reporting Requirements U/S 269SS and 269T in Form 3CD
When assessee accepted loan from private co-operative Bank (OD Account)
Example Transactions:
01-04-2008 Loan Accepted by cash Rs. 1,00,000/-
30-09-2008 Interest Credited to Loan A/c Rs 7,000/-
30-09-2008 Loan Repaid by cash Rs 25,000/-
01-01-2009 Loan Accepted by cash Rs 50,000/-
31-03-2009 Loan Repaid by cash Rs 50,000/-
What is the amount of Loan Accepted to be reported U/S 269SS ?
What is the amount of Loan Repaid to be reported U/S 269T ?
When assessee accepted loan from private co-operative Bank (OD Account)
Example Transactions:
01-04-2008 Loan Accepted by cash Rs. 1,00,000/-
30-09-2008 Interest Credited to Loan A/c Rs 7,000/-
30-09-2008 Loan Repaid by cash Rs 25,000/-
01-01-2009 Loan Accepted by cash Rs 50,000/-
31-03-2009 Loan Repaid by cash Rs 50,000/-
What is the amount of Loan Accepted to be reported U/S 269SS ?
What is the amount of Loan Repaid to be reported U/S 269T ?
28 August 2009
Provisions of Section 269SS & 269T are not applicable to a banking company and hence the same will not be included in the loan statement. Clause 24 specifically mentions that the same is not covered.
28 August 2009
Provisions of Section 269SS & 269T are not applicable to a banking company and hence the same will not be included in the loan statement. Clause 24 specifically mentions that the same is not covered.
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