16 June 2008
In case of a firm which is not subject to audit whether amt recd as loan or paid as loan repayment in cash is wrong.
eg "A" is a propertership in which she has accepted some loan from her relatives in cash (but less than Rs. 20000/-) on 1/4/08 & then again on 19/5/08 (but less than Rs. 20000/-) then made repayment on 15/6/08 in cash amting to rs 15000/-.Is the party violating any provision of income tax act.thisloan is for the purpose of business.
19 June 2008
but if that person has accepted loan in one year for 2 or three times but al all times lessthan Rs. 20000 then also there is no violation or what.