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Sec.269t
With regards to Sec.269t of the Income Tax Act, is interest amount to be included in the repayment amount for purposes of form 3CD
Replies (6)
no only the principle portion to be included
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/_
Mr. Jain is very correct it is the repayment of principal along with interest which if exceeds Rs. 20000/- per annum would attract penalty.
if u due intt not paid in that year than alonwith intt this sec. app.
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
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