Acceptance of loan in cash
This query is : Resolved
ASHISH ANEJA
(Querist)
28 July 2018
WHAT IF A COMPANY NOT LIABLE FOR TAX AUDIT ACCEPT LOAN FROM DIRECTORS IN CASH?
CA R SEETHARAMAN
(Expert)
29 July 2018
Loans or Deposits under Sec 269SS of Income Tax Act, 1961
No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000.
No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000.
ASHISH ANEJA
(Querist)
20 August 2018
sir my ques is what if accepted,
as director has deposited cash in bank account of company.
as director has deposited cash in bank account of company.
CA R SEETHARAMAN
(Expert)
20 August 2018
Equal amount of penalty will be levied u/s 269ST.
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