LOANS

This query is : Resolved

MATTA CHANDRA SEKHAR (Querist)
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04 March 2010 CAN A COMPANY TAKE LOANS FROM PRIVATE PARTIES OR DIRECTORS OR SHARE HOLDERS IN CASH OR CHEQUE MORE THAN RS.20000/-

CA Chitresh Gupta

CA Chitresh Gupta (Expert)
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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.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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/-).

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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23 June 2010 agree

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