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Loan taken by private co.
Can a pvt co. take unsecured loan ?
and if yes from whom ?
if rules not complied with then what contravention will it amt to ?
And whether it will hv effect under income tax act ?
Replies (1)
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/-.
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