Cash received from sister concern
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2011
DEAR EXPERT,
We have three partnership firms managed by same partners, which are engaged in construction activities.
Frequently we borrow cash from sister concern and after some days we pay it in cash exceeding Rs 20000/-.
Will it cover u/s 269SS & 269T?
If not any other section which we should take care of?
We have three partnership firms managed by same partners, which are engaged in construction activities.
Frequently we borrow cash from sister concern and after some days we pay it in cash exceeding Rs 20000/-.
Will it cover u/s 269SS & 269T?
If not any other section which we should take care of?
24 August 2011
Every firm is a different person. Attracts 269T as well as 269SS.
Convert all cash transactions through partner's capital accounts in the respective firms.
Convert all cash transactions through partner's capital accounts in the respective firms.
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