Cash loan from director in pvt ltd company

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2018 Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed.

I request to provide us suggestions about how to account this in alternative way.

Thank you.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

05 July 2018 Section 269SS is violated. 271D penalty attracts. Seems no alternative to
accounting.

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2018 Hi Sir,

Thanks for your response, No alternatives means should i have to omit these expenses in accounts or is there a possibility to show as cash loan from director's relatives.

Thank You.

Upgrade to CAclubindia Pro. Subscribe Now!