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Director advance loan to company

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Querist : Anonymous

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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 ??
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RAJESH KUMAR KHANDELWAL

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RAJESH KUMAR KHANDELWAL (Expert)
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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