08 December 2012
DEAR READER, I WANT TO KNOW THAT CAN A COMPANY MAKE A CASH TRANSACTION WITH DIRECTORS AS LOAN. I WANT TO KNOW THAT ; IS THAT SIMILAR TREATMENT AS A CASH PAYMENT ?
08 December 2012
Sec 269SS and 269T will be applicable in case of loan or deposit taken or repaid thru otherwise then by A/c payees cheq above rs 20000/-.
08 December 2012
They can enter into cash transactions with each other. However, borrowing and repayment of loan BY the company in cash will attract penalty equal to the amount of loan borrowed or repaid, as the case may be.