Section 269ss query
This query is : Resolved
08 July 2015
if loan taken during the year is 50000 and the interest due recorded on that loan is 3000 then which amount to be reported in clause 31(a) in amount taken during the year 50000 or 53000
08 July 2015
It is not 'loans taken'. It is 'loans accepted'.
Hence, it would be 50K only.
Hence, it would be 50K only.
08 July 2015
Normally, the interest element does not fall with in the the scope of section 269SS. However, if such interest is converted into loan, aggregate of the principal and interest should be considered for reporting purposes in form 3CD.
Courtesy :- ICAI Publication.
Courtesy :- ICAI Publication.
09 July 2015
thanks sir can you please provide the reference of icai publication which you have mentioned.
10 July 2015
The publication I referred to is "Issues On Tax Audit".
10 July 2015
Is it in the monthly journal sir?please tell me the relevant month for the same
10 July 2015
No it is a prized publication (BOOK) of ICAI.
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