Question ID :
40461
ADVANCE TAKEN AND SECTION 269SS
WILL "ADVANCE TAKEN FROM CUSTOMER" BE INCLUDED WHILE CONSIDERING PROVISIONS OF SEC 269SS ??
Posted by
SUDIP KUMAR MUKHOPADHYAY
on
Nov 12, 2019
Filed Under
DIRECT TAXES
Section 269SS is applicable for Loans or Deposits or Specified Sum taken. Advance taken from customers for supply of goods or services are not loans
Posted by
D SANTHANAM on
Nov 14, 2019
Answer ID :
80248
Section 269SS will not be applicable for advance taken from customers, but section 269ST will be applicable, if the amount received for single bill exceeds two lakh.
Posted by
CA. chunauti dholakia on
Nov 18, 2019