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LOAN FROM DIRECTOR

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04 September 2010 1. IF A NON RESIDENT PERSON IS GIVING LOAN TO AN INDIAN COMPANY IN WHICH HE IS A DIRECTOR AS WELL AS SHAREHOLDER BY TRANFERRING THE MONEY FROM AMERICA (USA) THROUGH MONEYGRAM/WESTERN UNION DIRECTLY TO THE COMPANIES BANK ACCOUNT , WILL THIS MEET THE REQUIREMENT OF SECTION 269 OF THE INCOME TAX ACT OR NOT WCICH REQUIRES ANY LOAN TO TAKEN THROUG A/C PAYEE CHEQUE OR BANK DRAFT.
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CA Ketan Jain

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CA Ketan Jain (Expert)
06 September 2010 Diect transfer from one bank account to another bank account will be treated as transfer through account payee cheque only.
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