banner_ad

report u/s 269T & 269ss

Tax queries 819 views 5 replies

Please anyone clear my doubt about the following :

Suppose a Proprietorship firm has given us a cheque on 01.01.2010 of Rs.200000 and we sold goods on 02.02.2010 of Rs.150000 to them , so the balance amount Rs.50000 which wasn't repaid till 31.03.2010 have to be considered as loan taken u/s 269T.

OR

We'll have to take Rs.200000 as loan u/s 269T.

Replies (5)

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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details