269ss & 269t in 3cd

Tax queries 21051 views 9 replies

Incase there is a loan accepted and deposits accepted from two person during a FY. and it is accepted through account payee cheque what should i report in form 3CD in clause 24?? and what does it mean whether it s squared up?

Replies (9)

you have to disclose amount of loan taken, max outstanding during the year, and 'No' in the column whether accepted by means other than account payee cheque or draft.  If the loan is paid up in full and outstanding amount as on 31.03 is Nil than it is called squared up.

thnk u... but what abt deposits???

same will be applicable

Should the loan accepted in earlier years having same balance be reported uder 269SS or only the Loan accepted during the year should be considered

269 SS & T disclosure is required only if loan is taken or repaid. Interest transaction will also be considered for the same. Interest given shall be shown as loan taken and payment will be shown as repayment (only if interest is routed through unsecured loan account.)

Originally posted by : CA Neil Ganatra

269 SS & T disclosure is required only if loan is taken or repaid. Interest transaction will also be considered for the same. Interest given shall be shown as loan taken and payment will be shown as repayment (only if interest is routed through unsecured loan account.)

what do you mean by Squared up in Accepting Loan u/s. 269SS 

whether TDS deducted will be considered as payment in sec 269T or not ?

'squared up' means whether the balance has become nil or not


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