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TMI BlogRepayment of loan - Conditions of section 269SS / 269TX X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee has taken loan in earlier year was Rs. 22000/- through cheque. Assessee has paid part in cash Rs. 3000/- in the year 2009-10. This fact was reported in the tax audit report. Now in the year 2010-11 he paid the balance amounting to Rs. 19000/- in cash. Whether this facts are required to be reported in the form 3CD regarding payment of loan made against cash? Whether in the second ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year, assesse would be held as defaulter being payment in contravention of Section 269SS / 269T - Reply By GOPALJI AGRAWAL - The Reply = To my view since the loan outstanding was below Rs. 20K hence no contravention of section 269T. - Reply By malhar shenoy - The Reply = Reporting u/s 269T is not applicable , because on the day of repayment of loan the amount payable together with interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t thereon is less than Rs 20000/-. - Reply By Venkata Ramana Dhara - The Reply = The assessee committed default while repaying part of the loan when the aggregate was more than Rs. 20000.00. That was supposed to be reported in the report for that year [2009-10]. Once the aggregate of loan is less than Rs. 20000.00 there is no default. The loan can be repaid in cash once the aggregate is less tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Rs. 20000.00. No reporting is required for 2010-11 - Repayment of loan - Conditions of section 269SS / 269T - Query Started By: - Common Issues Dated:- 17-9-2011 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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