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?
Thank you.
CAclubindia
