Tax Audit Report

[Guest]

Respected Experts,

Let me know that u/s 269SS and 269TT in tax audit report is mention that maximum amount outstandingat any timeduring the previous year. What should meaning of these words. I want to know this through a examle e.i

Date Dr Cr Total Amt

31.10.2015 1000Cr

31.10.2015 500 1500Cr

31.10.2015 200 1300Cr

Now what amt to be showed in tax audit report under above section.

Whether this should Amt1500 or 1300.

[Ganeshan Kalyani]

Sir, 1500. Thanks

AI Summary

Maximum outstanding amount determines tax audit reporting under provisions restricting cash loan receipts and repayments. Maximum outstanding amount means the peak net balance of advances/loans during the year; compute a running balance and report the highest positive balance reached. In the example, the peak running balance is 1500 and that is the amount to be disclosed in the tax audit schedule under the cash-transaction provisions.