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LOANS

This query is : Resolved 
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(Querist)
04 March 2010 CAN A COMPANY TAKE LOANS FROM PRIVATE PARTIES OR DIRECTORS OR SHARE HOLDERS IN CASH OR CHEQUE MORE THAN RS.20000/-
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CA Chitresh Gupta

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CA Chitresh Gupta (Expert)
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
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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/-).
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CA Devanshi Gandhi (Ajani)

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