Corporate law
This query is : Resolved
02 January 2013
Hi All,
Is there any Specific limit for acceptance of unsecured loans from directors in Cash in a private limited company.Please let me know the consequences as per Companies Act & IT Act
Thank You in Advance
Regards
Jaswanth
Is there any Specific limit for acceptance of unsecured loans from directors in Cash in a private limited company.Please let me know the consequences as per Companies Act & IT Act
Thank You in Advance
Regards
Jaswanth
16 January 2013
As per companies act there is no such limit prescribed but as per Income Tax it is 20,000 or more and accordingly the same limit is applicable for acceptance in cash otherwise money laundering act will apply
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