Section 269SS & 269T of I.Tax ACt

HI DEAR,

SECTION 269SS AND SECTION 269T IS APPLICABLE ONLY WHEN THE LOAN IS TAKEN FOR BUSINESS PURPOSE OR SHOWING IN THE BALANCE SHEET.

FURTHER, IF THE LOAN IS TAKEN FOR BUSINESS PURPOSE, U CAN MAKE REPAYMENT TO OWNER IN HIS PERSONAL A/C OR IN HIS PROPRIETORY CONCERN A/C . COZ IN CASE OF PROPRIETORY CONCERN, THERE IS NO DISTINCTION BETWEEN PROPRIETORY CONCERN AND PROPRITOR HIMSELF. BUT WHENEVER U MAKE THE REPAYMENT OF LOAN TAKEN FROM PROPRIETORSHIP A/C AND MAKES PAYMENT BACK TO PROPRIETOR CONCERNED, ENSURE TO TAKE A CERTIFICATE FRM THE PROPRITOR CONCERNED THAT THE RECEIPT IS TOWARDS THE REPAYMENT OF LOAN GIVEN.

INCOME TAX DEPARTMENT DOESN'T MAKE ANY ISSUE WITH REGARD TO THAT. BUT PLEASE ENSURE TO GET CERTIFICATE FRM PROPRIETOR CONCERNED.

REGARDS,

MANOJ

thanks a lot