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Loans & advance matter

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2012 IF A PATNERSHIP FIRM DOING THE WORK AS A LOCAL GIFTED SCHEME SO THAT IN THAT CASE A FIRM GETS MOST OF CASH IN THE ACCOUNTING PERIOD SO THEY HAVE SOME ANOTHER SISTERED FIRM SO AND THEY WANTS TO SHARE THERE CASH TO HIM SISTERED FIRM SO I WANT TO KNOW WHETHER THERE HAVE SOME RULES FOR LOANS & ADVANCE AND SOME LIMITES FOR IT. PLZ ENPLANE ME
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
10 July 2012 You ahve to comply with Section 269SS of the Income Tax Act which prohibits accepting loans in cash in excess of Rs. 20,000.
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Querist : Anonymous

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Querist : Anonymous (Querist)
10 July 2012 thanx for this but i want to know when it be given by bank.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
10 July 2012 Bank will never give cash loan.
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