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269ss in 3cd
Do I have to report long term unsecured loans taken in excess of 20000/- through other than cash or do I have to report only short term borrowings?
Replies (4)
Yes you have to report
Even if Short Term...Then Also has to Report in 269SS & 269T (Repayment)
does it include interest payment also?
Any loan should not be taken in cash if it is more than 20000 as per SEC 269SS .
* if taken then same amount would be paid as penalty under SEC 271D .
repayment of borrowings should not be paid in cash if it is more than 20000 ( including interest ) under SEC 269T .
* if not same would be paid as penalty under SEC 271E .
* if taken then same amount would be paid as penalty under SEC 271D .
repayment of borrowings should not be paid in cash if it is more than 20000 ( including interest ) under SEC 269T .
* if not same would be paid as penalty under SEC 271E .
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