Cash received from director above rs 20,000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2014
a private ltd. company received cash from his director for an amount of Rs 7,50,000/- 60,000/- & 50,000/- on different dates.
As per income tax act it is not allowed.
So how to account this to avoid any panel provision?
As per income tax act it is not allowed.
So how to account this to avoid any panel provision?
Sandeep Dharar
(Expert)
05 August 2014
Receipt is allowed but not expenditure. So if u r asking regarding Company(who received the amount), then it is allowed.
Rupesh Jain
(Expert)
06 August 2014
if it is receipt agst share capital a/c then no penal but you make for exp. then no option for avoid it/.
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