Section 269SS & 269TT

Save Share

This query is : Resolved

Kalpesh Patel (Querist)

30 April 2008 Loans and advances out standing by Rs. 75,000/= as on 31.03.2008 is recived in the current year by cash. Section 269SS & 269TT applicabel? Section 269SS & 269TT is also allpicable in case of balances out standing is less than Rs.20,000/= or If outstanding balance is more than Rs.20,000/= but during the year payment received Rs. 15,000/= only by cash, then section 269SS & 269TT is applicbale?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

30 April 2008 yes if you accepting any loans and advances in excess of Rs.20000 paid by cash or received by cash is disallowed in your case loans and advaces are outstandin is Rs.75000/= and received in cash payment is received only 15000/= is total outstanding or taken is in excess of Rs.20000/= in your books

Arun Gupta

Arun Gupta (Expert)

30 April 2008 I am also agree with Hemant's Views,in addition to that i want to share some thing more. In my view if you paid 60000/- by cheque and lastly Rs.15000/- by cash,so the section is not applicable ,because at the time of Rs.15000/- the balance will be below 20000/-

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now