Interets u/s 269ss

Whether interest payable on unsecured loan taken u/s 269SS is to be added in loan amt. or it should be disclosed separately????
What abt TDS deducted on interest ????

Replies (10)

Interest shud not be added to the loan A/c but should be charged to P&L.  However while considering the limit u/s 269T the aggregrate of the loan amount & interest shud not exceed Rs 20k to attract teh disallowance under the said section.

Strongly agree with giridhar sir

I agree with Mr. Giridhar

I am also agree with giridhar sir

Disagree with Mr. Girdihar and others..

It should be disclosed as Loan Accepted in 269SS. But you should disclose the fact that the amount of Loan Accepted Includes/is interest amount by giving a footnote.

Originally posted by : neeraj

What abt TDS deducted on interest ????

amount should be Net of TDS. But again you should have to disclose it as a note.

As per section 269t if the loan or deposit is taken or repaid as the case may be, interest amount should be included in the loan amount for satifying the criteria u/s269t(i)(exceeding 20000).

 

TDS provision will not attract u/s 269ss but attract as per section 269t.

 

Dear Mr. Neeraj 269 SS is a provision under income tax imposes penalty for loans, advances, deoisits taken in cash in excess of specified limits. As far as books of accounts is concerned no doubt the interest amount has to be charged to Profit and loss account. With respect to income tax you have to deduct TDS on the same, in tax audit report you have to add up the interest along with the loan amount borrowed. Forget the TDS add the gross interest. 

tds @ 10%

i have query of s*x 269ss and 269t

customer has unseured opening loan of rs 2,25,000 and company has given to interest of rs 32,625 during the year by various chequs , 

is it required to disclose of interest amount rs 32,625 in tax audit report , if yes , how to disclose ? company has only paid interest not principle amount , reply fast as soon as possiblle plzzzzzzz

 

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