IF CO.HAS ACCETED PUBLIC DEOSITS OF RS.20000/- OR MORE THAN IT IS NECESSARY TO SHOW THE SAME UNDER 269SS & T IN TAX AUDIT DETAILS PL.CLARIFY
C.A Tarun Shah (practice) (271 Points)
26 September 2008IF CO.HAS ACCETED PUBLIC DEOSITS OF RS.20000/- OR MORE THAN IT IS NECESSARY TO SHOW THE SAME UNDER 269SS & T IN TAX AUDIT DETAILS PL.CLARIFY
CA Sri Vidya
(Employed CA)
(81 Points)
Replied 07 October 2008
| Originally posted by :tarun | ||
| " | IF CO.HAS ACCETED PUBLIC DEOSITS OF RS.20000/- OR MORE THAN IT IS NECESSARY TO SHOW THE SAME UNDER 269SS & T IN TAX AUDIT DETAILS PL.CLARIFY | " |
under 269SS & T no "person" is allowed to take any "loan or deposit" more than Rs.20000/- otherwise than an account payee cheque or bank draft. this rule applies to all persons and is for loans and deposits. if this rule is not followed a qualification is made in 3CD and the same will attract penalties. this further has 3 conditions. pls go through the act
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