Dear Experts
An individual who is covered under tax audit has accepted loan of Rs. 10 lacs from Mr. X on 01.01.2012. Now in Financial Year 2012-13 the opening balance of loan was Rs. 10 lacs. There was no acceptance or repayment of loan from Mr. X during the F.Y. 2012-13. But an entry amounting to Rs. 1 lac regarding interest was passed as follows:
Interest on loan a/c Dr. 1 lac
To Loan from X a/c 1 lac
and the interest was repaid during the financial year by cheque.
Now whether this credit of interest will be termed as acceptance of loan during the year and require reporting in form 3cd in point no. 24a, "where any amount exceeding Rs. 20000 was accepted during the year"?
CAclubindia
