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u/s. 269ss & 269T

biren (Accountant) (68 Points)

04 September 2013

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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Deepak Gupta (CA Student) (15922 Points)
Replied 04 September 2013

Originally posted by : biren
	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?

Opening credit balance of loan taken in earlier years is not specifically required to be disclosed.
.
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.