Cash infusion by Director in a Pvt Ltd co
This query is : Resolved
02 June 2011
Is there any limit or any provision/procedure subject to which cash can be infused by a director in a private limited company??
Ca Aashish Upadhyay
(Expert)
02 June 2011
I guess NO!!
However their relative can give share application money in cash.
But this is very risky affair as IT deparment can verify the soucrce of such infusion and 5 out of ten time such infusion is added in the income of the assessee.
However their relative can give share application money in cash.
But this is very risky affair as IT deparment can verify the soucrce of such infusion and 5 out of ten time such infusion is added in the income of the assessee.
02 June 2011
Why would IT add it in the income of the assessee? Is it because of the sec 68/69?
Ca Aashish Upadhyay
(Expert)
02 June 2011
Yaa read with section 269S and 269T
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