Tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2014 In case Loans & Advances converted into Unsecured Loan during the year then what will be the treatment of the same in Sec 269SS & 269T in 3CD.

Example:

No opening Balance
19 April Paid to Mr. X Rs 225000/-
07 June Paid To Mr. X Rs 25000/-
15 Oct Received from Mr. X Rs 1500000/-
02 Dec Paid to Mr. X Rs 500000/-
31 Dec Interest paid to Mr. X Rs 15000/- (assumed).

What will be it's treatment ??

Rupesh Jain

Rupesh Jain (Expert)
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22 May 2014 interest not consider for loan amount.

only amount recd rs. 1500000/- u/s 269SS
payment 750000/- u/s 269T

wil report in form 3CD by auditor if your turnover will eligible for audit u/s 44AB.

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2014 SIR,

IT MEANS ITS DOES'NT MATTER WHETHER AMOUNT PAID EARLIER AND RECEIVED AFTERWARDS OR VICE VERSA......

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