Im Doing 1 audit in which one loan taken from friend 150000 and repaid in during year by paying 30000 , 20000, 25000, etc which means above 20000/-
and same thing loan given to another friend 150000 by paying him 20000*7=140000 and 10000.
what to report in audit Report and what to do.
its ok?
dear chirag
from your quarry it was not cleared that transaction made in cash or in cheque.
if transaction made in cash there is 100% panelty under section 269SS & 269T of the income tax act
even though transaction made in any mode, you should report in 3CD as loan taken and squred up during the year
i.e. loan from fr Rs.150000/-
Squred up Rs.75000/-
blance O/S Rs.75000/-
in another case should report in same way
hope this will help you
CA Shriniwas Khadloya
wt is the effect of loan received in cash 150000 by 4to5 part payments
aggregate amount taken or accepted more than Rs.20000 in cash during the year
than penality U/S 271D & U/S 271E leived under income tax act.
CA shriniwas Khadloya
hw much is the panalty
dear depak
Panelty was 100% of the amount taken or accepted
CA Shriniwas Khadloya
CAclubindia
