Please Help: 269ss & 269t
Posted Date : 01-Jun-2011 , 06:07:06 am | Posted By: Munish
Category :
Income Tax | Answers :
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Comments :
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unsecured loan taken on 28.01.2011 670000 on the same day repaid 47034, same day interest credited 52260 & TDS debited 5226. the question is for sec. 269ss whether interest to be considered as loan accepted and loan taken be as 722260 then what will be ma |
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Answers:
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 Answer by: Madhu Kiran |
| What you want to ask ? Plz clarify your question.
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| Answer by: CA VIKAS JAIN |
| interest figure should be considered Separately while considering limit for 269SS.
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| Answer by: Vaneet Gupta |
| Pls specify ur query
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| Comments |
| Posted By : CA PRAVEEN SINGH |
19-Jun-2011, 02:15:29 |
| In Income Tax Act,written there,,"the amount of the loan or deposit together with interest if any payable thereon..is twenty thousand rupees or more.
so nothing mention abt tds if deducted so not included.
so that is must be included. ca praveen singh |
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| Posted By : CA VIKAS JAIN |
02-Jun-2011, 04:59:31 |
| dear munish, interest will not be considered as loan accepted bcos you hav deducted tds on that payment which will shows the intention of entry that it is of nature of interest payment. merly bcos you have increase the credit balance of loan a/c on same day will not be trated as further loan taken by you. its nathing but a payment of interest in advance and the tds accordingly deducted the same. |
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| Posted By : CA SUBHASH KR. |
01-Jun-2011, 06:37:40 |
| Intt credied shuold be considered under Sec 269SS |
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