Unsecured loans
This query is : Resolved
Guest
Guest
(Querist)
29 November 2011
under clause 24(a) and (b) of Form 3CD a tax auditor should report whether unsecured loans exceeding Rs. 20000 are accepted/ repaid otherwise than by cash -269SS and 269T
w.r.t to this if an assessee has 2 proprietorship firms doing different businessses in 2 trade names(so there are 2 p & L a/cs and 2 Balance sheets)and there is cash transfer between them under the head unsecured loans whould that be penalised?
In my view, it should not be penalised as finally the assessee is the same and income from both P& L a/cs go 2 same income statement
w.r.t to this if an assessee has 2 proprietorship firms doing different businessses in 2 trade names(so there are 2 p & L a/cs and 2 Balance sheets)and there is cash transfer between them under the head unsecured loans whould that be penalised?
In my view, it should not be penalised as finally the assessee is the same and income from both P& L a/cs go 2 same income statement
Dintakurthi Tirumala
(Expert)
29 November 2011
Yes, Your view is correct at preparing final profit and loss account and the balance sheet i.e consolidated P&L a/c and consolidated Balancesheet the internal transactions would be nill. So no effect of loans taken and paid.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Dintakurthi Tirumala
(Expert)
29 November 2011
Yes, Your view is correct at preparing final profit and loss account and the balance sheet i.e consolidated P&L a/c and consolidated Balancesheet the internal transactions would be nill. So no effect of loans taken and paid.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Guest
Guest
(Querist)
30 November 2011
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