Loan from Director
This query is : Resolved
08 June 2010
1) Can a Director of a Pvt.Ltd company give loan to the company through CASH, which exceeding Rs. 20,000/-
2) Will it attract the penal provisions of section 269 SS & 269 T of the Income Tax Act.
3)Can capital or additional capital contributed through cash payment.
2) Will it attract the penal provisions of section 269 SS & 269 T of the Income Tax Act.
3)Can capital or additional capital contributed through cash payment.
08 June 2010
No, director of co. can't give loan in cash exceeding RS.20000/-. Penal provisions of section 269SS & 269t APPLY ON IT.
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