Loan taken by private co.
Raunak Vora (article) (86 Points)
22 July 2014Raunak Vora (article) (86 Points)
22 July 2014
RoHaN k
(CA & CS)
(308 Points)
Replied 23 July 2014
Yes , Private Ltd can take unsecured loan from Director only subject to declaration that it is not out of borrowed fund. You should accept such loan from director by account payee cheque and DD,If your company is under tax audit such unsecured loan will be reflected in audit 3CD report if it is above 20000/-.