About negative cash adjustment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2012 in pvt ltd company, we have introduce cash with company director a/c of rs.100000/-,pls tell me can i make receipt entry in tally of rs.100000/- on directors a/c? this is the right way or not to solve cash negative balance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 July 2012 Section 269SS of the Income Tax Act prohibits acceptance of cash loan in excess of Rs. 20,000.

If you accept a cash loan of Rs. 1 lakh, it will be contravention of Section 269SS and penalty will be levied.

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