Query about section 269ss & 269t

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Soni Jeswani (Querist)

13 July 2015 1) WHETHER CO-OPERATIVE CREDIT SOCIETY IS COVERED UNDER SCOPE OF REPORTING OF ACCEPTANCE OR REPAYMENT OF LOANS OR DEPOSITS FOR GREATER THAN Rs. 20,000/-????

2) AS WORDS OF SECTION 269SS AND 269T SAYS THAT IF THE LOANS AND DEPOSITS ARE EXCEEDING Rs. 20,000 OR OUTSTANDING BALANCE IS EXCEEDING Rs. 20,000 THAN IT SHOULD BE REPORTED... DOES IT MEANS THAT IF LOANS OR DEPOSITS ARE TAKEN OR REPAID ABOVE Rs. 20,000/- AND BY MEANS OF ACCOUNT PAYEE CHEQUE THAN IT IS NOT REPORTED UNDER 269SS AND 269T??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

13 July 2015 1 co-operative credit society covered under scope of reporting.
2 No reporting is required if taken by means of account payee cheque.

Soni Jeswani

Soni Jeswani (Querist)

13 July 2015 YOU MEAN TO SAY THAT IF LOANS OR DEPOSITS ARE TAKEN ABOVE Rs.20,000/- AND BY MEANS OF ACCOUNT PAYEE CHEQUE, NO REPORTING IS REQUIRED UNDER CLAUSE 31 OF FORM 3CD?

Soni Jeswani

Soni Jeswani (Querist)

13 July 2015 YOU MEAN TO SAY THAT IF LOANS OR DEPOSITS ARE TAKEN ABOVE Rs.20,000/- AND BY MEANS OF ACCOUNT PAYEE CHEQUE, NO REPORTING IS REQUIRED UNDER CLAUSE 31 OF FORM 3CD?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

13 July 2015 Yes you are right.......

Soni Jeswani

Soni Jeswani (Querist)

13 July 2015 IF WE HAVE REPORTED ALL TRANSACTIONS ABOVE Rs. 20,000/- OR MORE BECAUSE IT IS NOT POSSIBLE TO CHECK EACH AND EVERY TRANSACTIONS WHETHER BY ACCOUNT PAYEE CHEQUE OR NOT. WILL IT BE OK?

Soni Jeswani

Soni Jeswani (Querist)

13 July 2015 ALSO, AS SAID CO-OPERATIVE CREDIT SOCIETY IS COVERED MEANS ALL DEPOSITS i.e. FIXED DEPOSITS (WHICH ARE MOSTLY IN CASH) WILL BE REPORTED HERE?

IS IT PRACTICALLY POSSIBLE TO REPORT SUCH LARGE NUMBER OF TRANSACTIONS B'COZ IN CASE OF CO-OPERATIVE CREDIT SOCIETY QUANTUM IS VERY LARGE?

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