Loan from director

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anoop (Querist)
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22 December 2010 If a company accepts cash from a director in excess of Rs.20,000.00 will it attract Sec 269SS?Can it be shown as unsecured loan in the books of the company?

CA Ankit Gulgulia (Jain)

CA Ankit Gulgulia (Jain) (Expert)
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22 December 2010 Yes , It Attracts S.269SS . You Can Disclose it as Unsecured Loan.

anoop

anoop (Querist)
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22 December 2010 Sir is there any way to avoid Sec 269SS?

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CA Ankit Gulgulia (Jain)

CA Ankit Gulgulia (Jain) (Expert)
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22 December 2010 Dear Anoop,

S.269SS applies only on Loans and Deposits and Not on Advances ( Preferably Business Advances).

I Hope u Got my Point!!

Regds
Ankit Gulgulia