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Query in 3CD for Loan

Puja Gupta (CA) (43 Points)

09 November 2010

Hi everyone.

One of my client has loan account of its relative. He makes payment like Tax payment on his behalf and adjust the entry in their account. Now while filiing 3CD I am in a confusion that

----in annexure for payment to relative should I show seperately all kind of payment seperately...

---and in annexure of 269SS and 269TT should all adjustments for expenses should be treated as payment???

resolve if U know...

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8 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 09 November 2010

You mean to say that the Relative makes payment of Income Tax on behalf of your client and the Relative's account is shown as an Unsecured Loan in your client's books of accounts.

If this is so, then you have to mention the Amount of Unsecured Loan, from whom the Unsecured Loan is taken (along with PAN), Amount repaid against the Loan taken with the Mode of Payment.

Regards,

Devendra. K

CA Rupesh Agrawal (Chartered Accountant) (854 Points)
Replied 10 November 2010

In 40A(2b) u need not show anything..

Bt in annexure of 269SS & 269T, u need to show it as repayment..

1 Like

Rahul Agarwal (Future CA) (217 Points)
Replied 10 November 2010

Agree with Rupesh.

digant (Professional) (26 Points)
Replied 10 November 2010

NO NEED FOR DISCLOSURE U/S 40A(2b),BUT DISCLOSURE U/S 269SS&269T SHOULD HAVE TO BE MADE

CA Lokesh Pokharna (CA (Ahmedabad Bhilwara Chittorgarh)) (4128 Points)
Replied 10 November 2010

yes ,u need to show u/s 269ss or 269 t as case may be

Puja Gupta (CA) (43 Points)
Replied 10 November 2010

u mean to say that all the adjusments will be taken as repayment ????

CA Rupesh Agrawal (Chartered Accountant) (854 Points)
Replied 10 November 2010

Ya all adjustments have to be taken as repayment..

Krishna Killa (Student) (70 Points)
Replied 10 November 2010

many people are of the view that it can be mentioned that there is a running/current a/c of the party & that the year end balances along with the fact that payments are cumulative total can be mentioned...