Loan without interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2012 Internal transaction of receipt & payment between father & sons without Interest how it shown in audit report.also whether necessary to state as current a/c in column of maximum outstanding in annexure 2 of form 3CD.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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15 September 2012 If a prop. Firm Tax Audit Case is There, If Transaction Exceeding 20k Then Need to report Under 269SS Head in tax Audit.
& Maximum Amount U Have Take Out.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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15 September 2012 Maximum amount O/s shall be reported only if the transaction is made through cash.

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