• Registered Users :
  • 158079
  • Current Active Users :
  • 100260

Your Answer

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

Answer ID : 80231

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