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Section 269SS - Tax Audit

Tax queries 3126 views 6 replies

Hi,

 

iN TAX AUDIT REPORT FOR SL NO 24 , WE NEED TO MENTION THE AMOUnt of loan or deposit taken during the year

i HAVE A CASE WHERE LOAN IS TAKEN THEN REPAID AGAIN SOME AMOUNT TAKEN AGAIN REPAID .

what amouNT WILL WE MENTION IN THE FOLLOWING CASE :

 

Month Debit Credit Balance
April 0 0  
May 0 0  
June 0 0  
July 0 0  
August 0 0  
September 0 0  
October 0 250000 250000
November 250000 0 0
December 0 0 0
January 100000 14345 -85655
February 0 670000 584345
March 390000 0 194345
       
Totals      7,20,000.00      8,34,345.00  

 

 

Replies (6)

As far as i am concerned u should indicate all loan amounts exceeding Rs.20000/-, u can show in audit report indicating in which month wat amount has been taken seperatly. And the loans which have been squared up or settled are also to be disclosed..

Hi, In this case, 1)Amt. accepted during the year is 7,20,000, 2)Write 8,34,345 in column loan repaid during the year 3)In the column of Maximum amt outstanding during the year write 5,85,345

hi,

u/s 269ss Rs.7,20,000

u/s 269t Rs. 6,40,000

maximum outstanding Rs. 6,70,000

section 269ss and 269t apply only to UNSECURED LOAN BUT NOT TO LOANS AND ADVANCES.

Preeti,

Just tell me 

the above account is of one party or u consolidate all amounts in it.

As 269SS & 269T are apply party wise.

Hi Ankur ,

 

its for single party only

Hi Preeti,

In sec. 269SS  -  Rs. 920000/-

In sec. 269T    -   Rs. 640000/-

In Maximum O/s -  Rs. 670000/- 

Entry of Rs. 100000/- & Rs. 14345/- should not be considered here as it is loans and advances.


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