Reporting under clause 31(c) of Form 3CD

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In case of reporting under clause 31(c) of Form 3CD "Particulars of each repayment of loan or deposit or any specified advance in an amount exceeding the limit specified in section 269T made during the previous year:"

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 Scenario

Suppose, loan taken in 2019-20 amounting to Rs. 5,00,000/-

during 2020-21 Interest credited @ 12% Rs 60,000/- (TDS Deducted and paid Rs. 4,500/- @ 10% subject to 25% rate cut ) 

Loan repaid on 31-03-2021, amount paid Rs. 5,55,500/-

Question

1. While reporting under clause 31(c), whether Rs. 5,55,500/- (exclusive of TDS) will be reported or Rs. 5,60,000/-  (Inclusive of TDS) will be reported ?

2. In case of "Maximum amount outstanding in the account at any time during the previous year" whether Rs 5,60,000/- or Rs. 5,55,500/- will be reported  ?

(Interest, TDS and Repayment all recorded on 31/03/2021)

Replies (2)
Loan amount inclusive of interest should be reported.
In my view, Maximum amount outstanding in the account at any time during the previous year shall be Rs.5,55,500/-(exclusive of TDS) because that TDS portion does not belongs to the Account of loan provider.


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