manik (ca in practice) (420 Points)
18 August 2011under sec 269ss we give details of unsecured loans accepted during the year and under sec 269t, we give details of loans repaid during the year. my question is wherther credit of interest and payment thereof would come under the above sections or not. pls advice early
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 18 August 2011
If loan is accepted and repaid otherwise then by account payee cheque / draft then sec 269SS and sec 269T is applicable , it also covers the interest on such loan accpeted or repaid.
Since intrest is paid/ recvieved only becoz loan is accepted or repaid.
CA YOGESH GARG GMG PLYWOODS
(BUSINESS OF PLYWOOD and PARTNER IN GUPTA & MALHOTRA CHARTERED ACCOUNTANTS)
(248 Points)
Replied 18 August 2011
ek dum sahi tushar ji
CA Mukul Mittal
(CA in practice)
(384 Points)
Replied 18 August 2011
but in case, loan is not repaid and the interest amount is less than 20,000/-, what are the provisions then????
Dharmendra Shaktawat
(CA FINAL)
(31 Points)
Replied 18 August 2011
PRAMOD KUMAR
(CHARTERED ACCOUNTANT)
(104 Points)
Replied 18 August 2011
In case interest is debited directly to Interest account and is not routed through party's account, then it is not covered.
However if interest is paid in cash exceeding the limits, then it will have to find a mention in report .
satish kumar Chauhan
(accountant)
(344 Points)
Replied 19 August 2011
Both Mr Tushar & Parmod is right
CAclubindia
