269ss

Karthik (NiL) (42 Points)

02 August 2011

hello guys,

I have some query regarding section 269SS.Pls Clarify

Is Retention Money will come Under the purveiw of this section.

Can we treat it as a One kind of security deposit?

thanks in Advance....

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5 Replies

CA Mukul Mittal (CA in practice) (384 Points)
Replied 03 August 2011

retention money is not covered under the purview of sec. 269ss.....

1 Like

CA Sandeep Kumar (Audit Assistant) (804 Points)
Replied 03 August 2011

Retention money is money retained and in no way can be termed as loan accepted. provisions of section 269SS/T cannot apply here.

Sanket (!..Live to Give..!) (16427 Points)
Replied 03 August 2011

Exactly Agrre With the Above Reply

Karthik Here Section 269SS will not attract in case of Retension Money retained

Hey No need to thankx brother....

Karthik (NiL) (42 Points)
Replied 03 August 2011

Thanks guys,

But As per Guidance not on Tax Audit-

Security deposits against contracts, etc. will be covered by the

definition of ‘deposit’ and therefore, such information will have to

be given.

Loans and deposits taken or accepted by means of transfer

entries constitute acceptance of deposits or loans otherwise than

by account payee cheques. Hence, such entries have to be

reported under this clause. The entries that relate to

transactions with a supplier and customer will not be treated as loans or Deposits accepted.

1 Like

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 03 August 2011

Originally posted by : Karthik
	Thanks guys, But As per Guidance not on Tax Audit- Security deposits against contracts, etc. will be covered by the definition of ‘deposit’ and therefore, such information will have to be given. Loans and deposits taken or accepted by means of transfer entries constitute acceptance of deposits or loans otherwise than by account payee cheques. Hence, such entries have to be reported under this clause. The entries that relate to transactions with a supplier and customer will not be treated as loans or Deposits accepted.