report u/s 269T & 269ss

Dear Rahul,

If Rs. 50000/- is to be adjusted against next year's sales then 269SS and 269T will not be applicable.

You can group this balance in ARCK.

hi

i don't have any idea please send the another information.

thank you

regards,

phe9oxis,

You can include Rs.50,000/- in Sundry Creditors for Others. 

This is an advance payment from your debtor.

Hence you have not taken any loan or deposit. 

Tutorials: 

Advance Payment is not Deposit. Deposit is not adjustable in the business transactions. 

Thanks a lot for resolving my query.

it's just a trade advance and not all the advances can take the charecter of loan as provided under sec 269T of the income tax act, 1961. U can always justify u'r case by showing AO that amount received excess is a trade advance and it is common practice to take such advance and is adjustible against the future sales.

regards,

Manoj