Staff Advance

This query is : Resolved

Dulal Chatterjee (Querist)
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31 December 2010 Dear Experts,
I want to know that:

In a pvt ltd co. can the management grant advance/interest free loan to their staff for Rs.45K by cash? (When staff getting salary fo Rs. 7.5K)

Is there any limitation (Amt.)to sanction advance/intt. free loan to staff (note : Gross salary of such staff is Rs.7500/-).

Is there any time limit to repay such staff advance/loan?

Pls give your valued advice.

Thanks in advance and wish you a happy and prosperous new year.

Regards,
Dulal Chatterjee
dulal.taxconsultant@gmail.com

sanjay

sanjay (Expert)
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31 December 2010 itwill depend upon the management policy.