Section 269ss query

This query is : Resolved

CA Parul Saxena (Querist)
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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

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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08 July 2015 It is not 'loans taken'. It is 'loans accepted'.

Hence, it would be 50K only.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

CA Parul Saxena

CA Parul Saxena (Querist)
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09 July 2015 thanks sir can you please provide the reference of icai publication which you have mentioned.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 July 2015 The publication I referred to is "Issues On Tax Audit".

CA Parul Saxena

CA Parul Saxena (Querist)
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10 July 2015 Is it in the monthly journal sir?please tell me the relevant month for the same

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 July 2015 No it is a prized publication (BOOK) of ICAI.