unsecured loan in cash
Rana Shubham Tanwar (42 Points)
23 February 2018
sir i want to know how many unsecured loan accpte in cash for a firm
4 Replies
CA Urvi Gandhi
(.)
(347 Points)
Replied 23 February 2018
You cannot accept loans/deposits in cash > 20k
Sec 269T of Income Tax Act provides that any branch of a banking company or a cooperative society, firm or other person shall not repay any loan or deposit
otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person, who has made the loan or deposit, if
(a) The amount of the loan or deposit together with interest is Rs 20000 or more, or
(b) The aggregate amount of loans or deposits held by such person, either in his own name or jointly with other person on the date of such repayment together with interest, is Rs 20000 or more.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 23 February 2018
Dear Mr. Tanwer,
there is no restriction on Number of loans in cash but take care of following:
1. One single loan must be less than 20,000,
2. Taking into consideration of IT Dept.,The Loan must be in appropriate number like maximum 4-5.
Note: Above reply is precautionery and does not binding us for legal purposes.
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