Loan given in cash more than rs.20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 July 2013
Dear All,
Can a partnership firm give loans to its emoployees more than Rs.20000/- in cash?
And whether loan given to employees exceeding 20000/- gets disallowed as per IT Act?
PLz hlp
Thanks & Regards.
Can a partnership firm give loans to its emoployees more than Rs.20000/- in cash?
And whether loan given to employees exceeding 20000/- gets disallowed as per IT Act?
PLz hlp
Thanks & Regards.
15 July 2013
it would surely disallowed.provisions of sec.269ss will apply.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2013
But 269SS is for receiving the loan, then why for partnership firm (who is the loan provider) it will get disallowed?
16 July 2013
In cash is disallowed.advisable to give bearer cheque.
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