Instead of manually calculating all the debit and credit balances, this template helps you to find the amounts of 269SS and 269T along with the balance in just 3 easy steps:
- Extract the data from Tally Software.
- Copy and Paste the data in the sheet.
- Define the Debit or Credit balance.
That’s it. It will give you the Loan Repayment during the year, the Loan Accepted during the year, and Pending Loan Balances.
269SS and 269T Calculator Template given below can be very useful to individuals, accounts assistants, accountants and especially to auditors who have loan transactions.
Just click on the green button to download the template. Insert your data and find the Loan Repayment, Loan Accepted, and Loan Balances in just 3 easy steps.
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What is Form 3CD?
Form 3CD is a document used in India for reporting various particulars by the provisions of the Income Tax Act, of 1961.
It is typically prepared and filed by tax professionals, chartered accountants, or auditors on behalf of taxpayers. The primary purpose of Form 3CD is to provide detailed information about a taxpayer’s financial transactions and compliance with the Income Tax Act.
Clause 31 of Form 3CD
Clause 31 of Form 3CD pertains to the reporting of transactions covered under sections 269SS and 269T of the Income Tax Act.
Let’s break down these terms and their significance.
What is Section 269SS?
Section 269SS of the Income Tax Act deals with loans or deposits accepted by any person.
Under this section, if a taxpayer receives a loan or deposit from another person in cash, where the amount is equal to or exceeds Rs. 20,000, it needs to be reported.
The purpose of this reporting is to prevent the evasion of taxes and maintain transparency in financial transactions. Receiving large sums of cash can be an indicator of unaccounted income.
What is Section 269T?
Section 269T of the Income Tax Act relates to the repayment of loans or deposits.
It requires that any repayment of a loan or deposit made in cash, where the amount is equal to or exceeds Rs. 20,000, should be reported.
Like Section 269SS, the objective of Section 269T is to monitor and regulate financial transactions involving large cash amounts to prevent tax evasion.
Analyzing transactions under Sections 269SS and 269T
To analyze transactions under Sections 269SS and 269T typically involves the following steps:
- Identify Relevant Transactions: First, you need to identify any transactions involving loans, deposits, or repayments that meet the threshold of Rs. 20,000 or more in cash. These are the transactions that fall under the purview of Sections 269SS and 269T.
- Report in Form 3CD: If such transactions exist, they should be reported in Clause 31 of Form 3CD. Ensure that you accurately document the details of the transactions, including the names of the parties involved, the amounts, and the date of the transactions.
- Compliance: It’s essential to ensure that these transactions comply with the provisions of the Income Tax Act. In case of any non-compliance, penalties or tax liabilities may arise.
- Maintain Records: Keep proper records and documentation of these transactions in case they are required for future audits or inquiries by tax authorities.
Form 3CD serves as a valuable tool for tax authorities to monitor financial transactions and detect any potential tax evasion.
It plays a crucial role in ensuring transparency and accountability in financial dealings, particularly those involving significant amounts of cash.
Taxpayers and professionals responsible for filling out Form 3CD must analyze and accurately report to comply with the law and avoid legal consequences.
How To Use 269SS and 269T Calculator?
The above section consists of a summary.
Opening For the Year
269SS and 269T Calculator consist of the following heads:
You don’t need to insert any data in these columns.
Generate a ledger report from Tally in the same format and you can just copy-paste the data here.
Once you insert the above, define the balance status manually. Put “Cr” if it is a credit balance and “Dr” if it is a debit balance.
Based on the debit and credit balance, the template will automatically analyze and calculate the following:
Loan Re-Paid During the year
Accepted during the year
Using the SUMProduct Function, it will calculate the totals of the above and display the same in the summary section.
In the example, the balance is “0” at the end of the year, so it displays “0”. If the accounts of loans aren’t settled then it will display the debit or credit balance.
Enjoy using this template and let us know if you want us to make any other template.
Frequently Asked Questions
What are the specified modes of accepting loan or deposit?
In terms of section 269SS read with Rule 6ABBA, the specified modes of accepting loan or deposit or specified sums are:
1. by account payee cheque;
2. by account payee bank draft;
3. by use of electronic clearing system through a bank account; or
4. Aadhaar Pay;
5. Credit Card;
6. Debit Card;
7. Net Banking;
11. UPI; and
What point to be remembered about the term "Loan" mean in Income Tax in this section?
The term ‘loan’ is not defined in the Act. So, one would have to go by its ordinary meaning as explained in judicial decisions and law dictionaries.
The following judicial definitions of ‘loan’ are relevant:
The term “loan” generally refers to borrowing something, especially a sum of cash that is to be paid back along with interest decided mutually by the parties. In other terms, the debtor is under a liability to pay back the principal amount along with the agreed rate of interest within a stipulated time.
For a transaction to be considered as a loan, two different persons are required. A contract of loan requires two persons. There cannot be a loan by the same person to himself merely because he functions in two different capacities.
Loan must be taken with an obligation to return. In a loan, the amount taken is returned or repaid to fulfil the contract. Return or repayment of the loan is the happy ending to the contract desired by both parties at the inception itself. Trade advances taken by the supplier of goods or services or advances taken by the vendor of property or share application money is not a loan.
An agreement to pay the balance of consideration due by the purchaser does not give rise to a loan. A loan of money undoubtedly results in a debt, but every debt does not involve a loan.
Renewal of loan may be taken to be a payment by the debtor with one hand and a fresh borrowing with the other, and, in that view of the matter, a renewal amounted to a fresh loan
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