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Cash received from director above rs 20,000/-

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2014 a private ltd. company received cash from his director for an amount of Rs 7,50,000/- 60,000/- & 50,000/- on different dates.

As per income tax act it is not allowed.
So how to account this to avoid any panel provision?
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Sandeep Dharar

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Sandeep Dharar (Expert)
05 August 2014 Receipt is allowed but not expenditure. So if u r asking regarding Company(who received the amount), then it is allowed.
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Rupesh Jain

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Rupesh Jain (Expert)
06 August 2014 if it is receipt agst share capital a/c then no penal but you make for exp. then no option for avoid it/.
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