LOANS
This query is : Resolved
04 March 2010
CAN A COMPANY TAKE LOANS FROM PRIVATE PARTIES OR DIRECTORS OR SHARE HOLDERS IN CASH OR CHEQUE MORE THAN RS.20000/-
04 March 2010
As regards Under Income Tax is concerned, no company can take loan exceeds Rs 20000 /- otherwise than by account payee cheque. Refer section 269SS.
Under companies Act, a private limited company can't take loan from persons other than directors, relative, shareholders and inter company laons.
Regards
Under companies Act, a private limited company can't take loan from persons other than directors, relative, shareholders and inter company laons.
Regards
04 March 2010
A company can take any amount of loans from private parties also but through A/c Payee cheque.(If amount exceeds Rs.20000/-).
23 June 2010
agree
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