Loan paid to director in lakhs
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 October 2014
Sir,
one company director is getting loan in kind of cash loan Rs.1.00 lakh (Interest free) in single day. is this allowed in Income Tax act
one company director is getting loan in kind of cash loan Rs.1.00 lakh (Interest free) in single day. is this allowed in Income Tax act
Nikhil Kaushik
(Expert)
27 October 2014
barred under section 269SS of Income-tax Act.
16 December 2014
no, then penalty of equivalent amount shal be imposed u/s 269SS
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