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Promotors contribution

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(Querist)
04 July 2011 Dear Sir,
please Clarify, Where to disclose the Promotors Contribution as per Schedule VI. Suppose, if the Promotor brings the money through cash, whether 269SS will be applicable as per Income tax Act 1961.

Thank you
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
05 July 2011 Capital can be contributed by promoters in cash.

Loans given by promoters in companies are to be shown separately and not under this head. For such amounts 269SS is applicable.

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