Cash loan from director in pvt ltd company
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2018
Hi Experts,
Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed.
I request to provide us suggestions about how to account this in alternative way.
Thank you.
Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed.
I request to provide us suggestions about how to account this in alternative way.
Thank you.
05 July 2018
Section 269SS is violated. 271D penalty attracts. Seems no alternative to
accounting.
accounting.
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2018
Hi Sir,
Thanks for your response, No alternatives means should i have to omit these expenses in accounts or is there a possibility to show as cash loan from director's relatives.
Thank You.
Thanks for your response, No alternatives means should i have to omit these expenses in accounts or is there a possibility to show as cash loan from director's relatives.
Thank You.
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