Applicability of provision - If the amount of repayment after including the interest is Rs. 10,000 or more, the provisions of section 269T would be attracted.—Circular : No. 479 [F.No. 225/47/86-IT(A-II)], dated 16-1-1987.
Now the limit is Rs 20,000/_
Good Day!!
Dear siddh
As the words used amount outstanding in the account will include the interest due portion also.
This is my point of view. If wrong please correct it.
Regards
Sunil
keep smiling
dear sunil i use word due for c/y intt.,if we paid intt in c/ythen o/s amt will not be inclusive of intt.
exp.
intt. a/c dr.
to intt. payable
intt. payable a/c dr
to cash
or if u dont want to paid intt.in cash then
intt,. a/c dr
to party
CAclubindia
