269ss related to acceptance of loan or deposite
This query is : Resolved
06 January 2012
With reference to above topic whether a private limited company can obtain a loan or deposit from a director other than from a account payee cheque
06 January 2012
Section 269SS shall be attratced if the loan amount exceeds Rs. 20,000/-.
It will also be attracted if there is outstanding loan and the new loan is taken in cash and the total amount of loan exceeds Rs. 20,000/-.
So, a private company can take a loan of an amount not exceeding Rs. 20,000/- throughout the year.
It will also be attracted if there is outstanding loan and the new loan is taken in cash and the total amount of loan exceeds Rs. 20,000/-.
So, a private company can take a loan of an amount not exceeding Rs. 20,000/- throughout the year.
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