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Loan given in cash more than rs.20000/-

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Querist : Anonymous

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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.
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Anil Sankar V

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Anil Sankar V (Expert)
15 July 2013 it would surely disallowed.provisions of sec.269ss will apply.
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Querist : Anonymous

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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?
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Anil Sankar V

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Anil Sankar V (Expert)
16 July 2013 In cash is disallowed.advisable to give bearer cheque.

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