Loan

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 August 2018 My file has gone for audit for ay 2018-19 and i am the proprietor of the firm.I have taken loan from a individual and given to some other person on interest.I have taken lian in my name.My auditor told me that i cannot give loan by taking loan.I have to pay penalty for violation of income tax loan laws.
What penalty will I have to pay now, Is it violation of income tax rules that loan cant be given by taking loan.
.

12 August 2018 don't know about any income-tax violation. specially if the loan was taken and given through normal banking channels.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 August 2018 But my auditor say there are income tax rules that loan cant be given by taking loan.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 August 2018 But my auditor say there are income tax rules that loan cant be given by taking loan.

12 August 2018 always ask the CA to give you reference to the exact rule. that sounds fair. doesn't it?

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 August 2018 Yes you are right sir. But the chartered accountant who is doing audit work confirms that loan cant be given by taking loan.

12 August 2018 as an auditee you have the right to ask chartered accountant to explain his position in writing along with required backing of law. As I said earlier if the loan is not in cash, there should not be any issue.

Else, change the CA

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 August 2018 I have taken.loan by rtgs and given loan by Rtgs.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 August 2018 I have taken.loan by rtgs and given loan by Rtgs.

12 August 2018 then follow my earlier advice.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro

Follow us
add to google news


Answer Query



Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details