loan taken by trust
This query is : Resolved
24 April 2010
One of our client which is a trust has taken a unsecured loan of 75000/- from trustees in cash. This loan is taken for day to day expenses of trust as it has no grant left. Now as the grant came it has returned the loan to trustees in cash. So my question whether it is a violation of section 269ss and T.
Thanks
Thanks
24 April 2010
For the referred transactions section 269SS and 269T applies. Why because exemption were given to notified institutions vide 3607 dated 18/7/1986 and 3828/4250 dated 28/10/1986 which does not include trusts.
24 April 2010
Thanks a lot. If it is violation than is it ok to give certificate for utilisation of Grant to Donation agency without mentioning such violation.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Eway bill for machinery reparing
- Form 10BD Filling
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Income of an individual
- Applicable TDS for Purchase of Flat from NRI
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
