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Tax audit queries

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(Querist)
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
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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".
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