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Loan from Director

This query is : Resolved 
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(Querist)
08 June 2010 1) Can a Director of a Pvt.Ltd company give loan to the company through CASH, which exceeding Rs. 20,000/-

2) Will it attract the penal provisions of section 269 SS & 269 T of the Income Tax Act.

3)Can capital or additional capital contributed through cash payment.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
08 June 2010 No, director of co. can't give loan in cash exceeding RS.20000/-. Penal provisions of section 269SS & 269t APPLY ON IT.
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