Reporting u/s 269 ss and 269 t
This query is : Resolved
12 July 2011
According to section 269ss and 269T loan or deposit taken or repaid over and above 20000/- rs. should not be made otherwise account payee cheque or DD. My question is whether loan repaid below the specified limit requires reporting under 3CD? If one party has made repayment of rs. 7500/- during previous year, should it be reported in 3cd??? Similary in case of 269SS, whether loan taken below rs.20000/- should be reported???
12 July 2011
Loan below the limit need not be reported in clause 24(a) and (b) of 3CD.
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