Cash Transaction of Directors
This query is : Resolved
03 March 2010
Is it possible for Directors of a pvt. ltd. co.to bring in cash less than, greater than or = Rs.20000/- and also take back the cash in any volume by cash itself (like partnership current a/c.) and if it is possbile then can interest be given on the loan amt. by cash iteself ?
CA. B.SRINIVASULU
(Expert)
03 March 2010
You have to take daily balance you cannot bring cash if the balance on the day on which he is brining is rs.20000/-. If you have operated on a daily balance less than 20000 then you can pay interest also.
If the interest amount is less than 5000 you can pay cash.
If the interest amount is less than 5000 you can pay cash.
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