Amit N. Jain (Audit & Income Tax Assistant) 12 September 2019
Can anyone please provide me clarifications that for the payment of an amount net of interest i.e. after deduction of TDS, be treated as Repayment of Loan under Section 269SS & 269T & required to report in the Audit Report?
For more clarity on my query i would like to qoute an example:
A (Audit Assessee) received a loan of Rs.10,00,000/- in FY 18-19 & is liable to pay to B pay interest amounting to Rs.1,20,000/- for the said period. A Paid Rs.1,08,000/- (i.e. Rs.1,20,000 Less TDS of Rs.12,000).
Should the repayment of interest after deduction of TDS be treated as repayment of Unsecured Loans or not?