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Question posted: 09 04 2008 03:37:25 +0000,
1 answers, 2722 views, last activity
07 06 2010 20:18:08 +0000
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A paid Rs.1 lakh to B by cash on 31st March 2007, B repaid the Rs.1lakh by cash in ten equal instalment before 31st March 2008
A paid Rs.1 lakh to B by cheque on 31st March, 2007, B returned Rs.1lakh by cash in ten equal instalment before 31st march, 2008
a) Whether 269SS and or 269T attract to A?
b) Whether 269SS and or 269T attract to B?
1 Answers for "269SS and 269T under indian income tax Act"
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Answered by
Amit K. Dagli, Partner/Principal/VP AK Dagli
| 09 14 2009 13:01:47 +0000
Not Rated
As you are aware that both section 269 SS and section 269T applicable to who accept the cash. It will be added to income and there is a provision for impressionment too.
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269SS and 269T under indian income tax Act |
The closing stock value taken as cost or market whichever is less basis. The difference automatically reflect on P L A/c and B S |