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u/s. 269ss & 269T
If any account of unsecured loan having no transactions thorough out the year and closing balance is same as opening balance. whether i have to report the said ledger in the tax audit report u/s. 269ss & t?
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| Originally posted by : biren | ||
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If any account of unsecured loan having no transactions thorough out the year and closing balance is same as opening balance. whether i have to report the said ledger in the tax audit report u/s. 269ss & t? |
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Opening credit balance of loan taken in earlier years is not specifically required to be disclosed.
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However, while giving figures of maximum amount outstanding at any time during the year or while giving information about acceptance and repayment of loan/deposit, the opening balances in the loan accounts will have to be taken into consideration.
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