Tax audit queries
This query is : Resolved
18 August 2011
under sec 269ss we give details of unsecured loans accepted during the year and under sec 269t, we give details of loans repaid during the year. my question is wherther credit of interest and payment thereof would come under the above sections or not. pls advice early
18 August 2011
No. the same shall not come under loan acceptance.
We dont show the same as a common general practice.
But you should ensure that the same is repaid through an a/c payee cheque.
We dont show the same as a common general practice.
But you should ensure that the same is repaid through an a/c payee cheque.
18 August 2011
ICAI Guidelines says as follows:=
" Normally the interest element does not fall with in the scope of section 269SS. However, if the interest is converted into a loan or a deposit and if the aggregate of the loans and the interest so converted as loan exceed the limit mentioned in the said section the tax auditor has to report on the same".
" Normally the interest element does not fall with in the scope of section 269SS. However, if the interest is converted into a loan or a deposit and if the aggregate of the loans and the interest so converted as loan exceed the limit mentioned in the said section the tax auditor has to report on the same".
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