under sec 269ss we give details of unsecured loans accepted during the year and under sec 269t, we give details of loans repaid during the year. my question is wherther credit of interest and payment thereof would come under the above sections or not. pls advice early
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Very very urgent tax audit query
Replies (11)
If loan is accepted and repaid otherwise then by account payee cheque / draft then sec 269SS and sec 269T is applicable , it also covers the interest on such loan accpeted or repaid.
Since intrest is paid/ recvieved only becoz loan is accepted or repaid.
AGREE WITH MR. TUSHAR
ek dum sahi tushar ji
Yes Interest is included..
but in case, loan is not repaid and the interest amount is less than 20,000/-, what are the provisions then????
Sec.269SS is applicable only in the case when Total Aggregate amount of Loan (that includes Interest) is Rs.20.000/- or more.
In case interest is debited directly to Interest account and is not routed through party's account, then it is not covered.
However if interest is paid in cash exceeding the limits, then it will have to find a mention in report .
m also agree with tushar ji
agree with mr.tushar
Both Mr Tushar & Parmod is right
YES I M AGREE
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