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Regarding tax audit section 269ss & t

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(Querist)
14 September 2014 Dear Sir / Ma'am,

I want to get clarification that when some amount is taken over Rs. 20000 as a loan and the interest for the same is not paid during the year then weather the unpaid amount of interest along with loan taken amount shall be disclosed as loan taken which shall be shown in the annexure for tax audit for section 269ss & 269T

In the hope of reply from you soon.

Regards,

Sanjeev Mittal
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CA VISHWAKEERTHI.P.S.

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CA VISHWAKEERTHI.P.S. (Expert)
14 September 2014 Yes

You have to show as loan taken .
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SUBRAMANIA SARMA G

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SUBRAMANIA SARMA G (Expert)
15 September 2014 Dear Student

It all depends on how you account for the interest. In case you credit the loan account, the whole amount including interest is to be shown. If you credit the interest expense to interest payable account, then only the loan amount is to be shown

SARMA GODA
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sanjeev

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sanjeev (Querist)
19 September 2014 Thank You Sir for your valuable reply.
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