Capital introduce as a cash
This query is : Resolved
Badal Paswan
(Querist)
26 March 2012
Dear sir,
i work in a firm, wich has negative cash during the year so i want to take cash from partners as capital during the year, is it limitation to introduce a capital in mode of cash, while we know that above 20000/- payment is not valid according to Income Tax.
i work in a firm, wich has negative cash during the year so i want to take cash from partners as capital during the year, is it limitation to introduce a capital in mode of cash, while we know that above 20000/- payment is not valid according to Income Tax.
28 March 2012
There is no restriction on introducing cash as capital as long as the proprietor is able to substantiate the source of such cash.
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