Dear Members
If there is an opening balance in the loan A/c at the start of the previous year but no loan was accepted or paid during the year, Will the opening balance of the account be shown in Form 3CD where disclosure under Section 269SS has to be made? Please Advise
Thank You
CA Ankit Mittal
Opening credit balance of loan taken in earlier years is not specifically required to be disclosed. However, while giving figures of maximum amount outstanding at any time during the year, the opening balances in the loan accounts will have to be taken into consideration.
.
Para 51.9(v) of Guidance Note on Tax Audit (2013) issued by ICAI
As far as the old format was concerned only when a loan or deposit is taken it has to be disclosed u/s 269SS. Not sure if its the same in the present e-filing template.
Prashanth.
CAclubindia
