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Tax Audit - Section 269SS

CA Devender Chauhan (Group Financial Accountant) (1526 Points)

14 July 2011

Under Sec. 269 SS it is written that the sec doesn't apply to loans or deposits taken from/ by Banking comp. or Govt.

My query is that does we need to show the particulars of loan, under tax audit report {under clause 24(a) (i) to (v)}, taken from Bank .

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13 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 14 July 2011

24. (a) * Particulars of each loan or deposit in an amount

exceeding the limit specified in section 269SS taken or

accepted during the previous year :—

(i) name, address and permanent account number (if

available with the assessee) of the lender or

depositor;

(ii) amount of loan or deposit taken or accepted;

(iii) whether the loan or deposit was squared up during the

previous year;

(iv) maximum amount outstanding in the account at any

time during the previous year;

(v) whether the loan or deposit was taken or accepted

otherwise than by an account payee cheque or an

account payee bank draft.

*(These particulars need not be given in the case of a

Government company, a banking company or a

corporation established by a Central, State or Provincial

Act.)

CA Devender Chauhan (Group Financial Accountant) (1526 Points)
Replied 14 July 2011

Originally posted by : U S Sharma
	24. (a) * Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year :— (i) name, address and permanent account number (if available with the assessee) of the lender or depositor; (ii) amount of loan or deposit taken or accepted; (iii) whether the loan or deposit was squared up during the previous year; (iv) maximum amount outstanding in the account at any time during the previous year; (v) whether the loan or deposit was taken or accepted otherwise than by an account payee cheque or an account payee bank draft. *(These particulars need not be given in the case of a Government company, a banking company or a corporation established by a Central, State or Provincial Act.)

So u mean to say that these particulars are not required to be given if the company has taken loan from Bank.

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 14 July 2011

*(These particulars need not be given in the case of a

Government company, a banking company or a

corporation established by a Central, State or Provincial

Act.)

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i guess its written in simple common english which is used for audit also

CA Devender Chauhan (Group Financial Accountant) (1526 Points)
Replied 14 July 2011

Originally posted by : U S Sharma
	*(These particulars need not be given in the case of a Government company, a banking company or a corporation established by a Central, State or Provincial Act.) ------------------------------------------------------------------------------------------------- i guess its written in simple common english which is used for audit also

Yes Sir, thanx for info.

Tthough it is written in common english but it is no where mention in the clause that these particulars are not to be given in case of:

(a) Tax Audit of Government company, a banking company or a corporation established by a Central, State or Provincial Act.

(b) Tax Audit of a Company/ firm/ individual who has taken loan from Government company, a banking company or a corporation established by a Central, State or Provincial Act.

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 14 July 2011

its regarding furnishing of related data from whom the loans are obtained or balance is there in books and if these are obtained from such entities then no need to furnish the data, as these entities are eligible to transact such business in normal course ....

its not reflecting that you are auditing the govt or banks

1 Like

CA Devender Chauhan (Group Financial Accountant) (1526 Points)
Replied 14 July 2011

thanx for the info sir............

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 14 July 2011

I COMPLTELY AGREE WIT SHARMA SIR ALL VIEWS.

1 Like

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 14 July 2011

Originally posted by : U S Sharma
	its regarding furnishing of related data from whom the loans are obtained or balance is there in books and if these are obtained from such entities then no need to furnish the data, as these entities are eligible to transact such business in normal course .... its not reflecting that you are auditing the govt or banks

1 Like

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 14 July 2011

Originally posted by : TusharSSampatM.Com CA,CS-FINAL
	I COMPLTELY AGREE WIT SHARMA SIR ALL VIEWS.

1 Like

CA Devender Chauhan (Group Financial Accountant) (1526 Points)
Replied 15 July 2011

thanx to all for your views

akshay kaushik (Audit Assistant) (39 Points)
Replied 11 September 2013

My query is that:

If a person has already taken loan of rs 50,000 which is shown in previous year balance sheet and then again that person takes loan of Rs 70,000 in current year. Then, what amount will be shown in tax audit report u/s 269SS?

1,20,000 or 20,000 ?

CA Rajneesh Dixit (Practice) (129 Points)
Replied 06 September 2016

Interest accred on Loans and Deposits reportable under section 269SS and 269T, whether to be taken in Tax Audit report under Loans Accepted during the year or some other presentation will take effect to increse the maximum outstandig amount during the year.

Please reply.