Section 269t
This query is : Resolved
Deendayal Lekhraw
(Querist)
21 September 2012
Let me know that under section 269T the language mentioned is repayment of loan or deposit but if we give loan & advances to other person then it's means only payment of loan not repayment of loan so whether we have to mentioned these in our tax audit report u/s 44AB in 3CD or not. Am I wrong or not please clarify
Amol S Joglekar
(Expert)
21 September 2012
Please check if it is hit by section 269SS
Deendayal Lekhraw
(Querist)
22 September 2012
Sorry Sir,I think you couldn't understand my question so plz describe in details reason being we are giving loan to others first times means it is shown in BS in assets side
but 269SS attracts only deposits or loans which means when we accept a loan or deposit & 269T says repayment of such deposit or loan which is already taken by us.
but 269SS attracts only deposits or loans which means when we accept a loan or deposit & 269T says repayment of such deposit or loan which is already taken by us.
Amol S Joglekar
(Expert)
22 September 2012
Loans GIVEN by you are not hit by 269SS. (It might hit the LOAN TAKER, but that is not the current topic) Consequently, repayment of SUCH loans given by you; when comes back to you are also not hit by 269T. Your contention is right.
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