CASH RECEIVED FROM DIRECTORS AND PARTNERS

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rajesh (Querist)
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14 July 2009 DEAR SIR/MADAM

CASH RECEIVED IN COMPANY BY ITS DIRECTORS OVER 20000 IS ALLOWABLE OR ITS DISALLOWABLE

CASH RECEIVED FROM PARTNERS IN PARTNERSHIP FIRM I.E. LIKE CAPITAL INTRODUCED IS OVER 20000 IS ALLOWABLE OR ITS DISALLOWABLE

CASH RECEIVED BY PARTNER IN TO FIRM ITS MEAN- CAPITAL INTRODUED

CASH RECEIVED FROM DIRECTORS IN COMPANY IS WHAT I.E. LOAN FROM DIRECTORS OR SUNDRY CREDITOR. PLEASE TELL

THANKS IN ADVANCE

Abhishek Mohta

Abhishek Mohta (Expert)
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16 July 2009 Sec 40A(3) describes payment of expenses by the company in cash for more than Rs. 20,000/-. In the cases cited above the company and the firm are not paying the amount rather they are receiving the same. So no question of disallowance comes into picture.