Director advance loan to company
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 February 2016
is it valid for director to deposit cash in current a/c of company ?? Is there any Limit for depositing cash ?
If Deposited cash in current a/c of pvt ltd., what can be the consequences, as per IT Act., 1961 or Comapny Law 2013 ??
If Deposited cash in current a/c of pvt ltd., what can be the consequences, as per IT Act., 1961 or Comapny Law 2013 ??
16 February 2016
If it is a loan by the director (or any other) to the company, than it should not be in cash. Penal provision for violence is given under section 269SS & 269T of the Income Tax Act 1961. Under company Law 2013 others views are invited.
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