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Q. > Please Help: 269ss & 269t
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
3 Answers
answered Jun 01, 2011 by Madhu Kiran , Hyderabad
What you want to ask ? Plz clarify your question.
answered Jun 08, 2011 by CA VIKAS JAIN , DELHI
interest figure should be considered Separately while considering limit for 269SS.
answered Oct 01, 2013 by Vaneet Gupta , Delhi
Pls specify ur query
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Comments
CA SUBHASH KR.
01-Jun-2011 , 06:37:40 amIntt credied shuold be considered under Sec 269SS
CA VIKAS JAIN
02-Jun-2011 , 04:59:31 amdear 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.
CA PRAVEEN SINGH
19-Jun-2011 , 02:15:29 amIn 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