Preeti (Consulting) (159 Points)
08 September 2011Hi,
iN TAX AUDIT REPORT FOR SL NO 24 , WE NEED TO MENTION THE AMOUnt of loan or deposit taken during the year
i HAVE A CASE WHERE LOAN IS TAKEN THEN REPAID AGAIN SOME AMOUNT TAKEN AGAIN REPAID .
what amouNT WILL WE MENTION IN THE FOLLOWING CASE :
| Month | Debit | Credit | Balance |
| April | 0 | 0 | |
| May | 0 | 0 | |
| June | 0 | 0 | |
| July | 0 | 0 | |
| August | 0 | 0 | |
| September | 0 | 0 | |
| October | 0 | 250000 | 250000 |
| November | 250000 | 0 | 0 |
| December | 0 | 0 | 0 |
| January | 100000 | 14345 | -85655 |
| February | 0 | 670000 | 584345 |
| March | 390000 | 0 | 194345 |
| Totals | 7,20,000.00 | 8,34,345.00 |
Sirisha
(Articles CA final student)
(71 Points)
Replied 08 September 2011
As far as i am concerned u should indicate all loan amounts exceeding Rs.20000/-, u can show in audit report indicating in which month wat amount has been taken seperatly. And the loans which have been squared up or settled are also to be disclosed..
Shah Tarun
(Student)
(800 Points)
Replied 09 September 2011
Hi, In this case, 1)Amt. accepted during the year is 7,20,000, 2)Write 8,34,345 in column loan repaid during the year 3)In the column of Maximum amt outstanding during the year write 5,85,345
CA Hardik Bunha
(self)
(2121 Points)
Replied 10 September 2011
hi,
u/s 269ss Rs.7,20,000
u/s 269t Rs. 6,40,000
maximum outstanding Rs. 6,70,000
section 269ss and 269t apply only to UNSECURED LOAN BUT NOT TO LOANS AND ADVANCES.
CA Ankur Goel
(sr. executive)
(133 Points)
Replied 10 September 2011
Preeti,
Just tell me
the above account is of one party or u consolidate all amounts in it.
As 269SS & 269T are apply party wise.
CA Ankur Goel
(sr. executive)
(133 Points)
Replied 15 September 2011
Hi Preeti,
In sec. 269SS - Rs. 920000/-
In sec. 269T - Rs. 640000/-
In Maximum O/s - Rs. 670000/-
Entry of Rs. 100000/- & Rs. 14345/- should not be considered here as it is loans and advances.
CAclubindia
