Loans & advance matter
This query is : Resolved
Querist : Anonymous
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
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.
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 July 2012
thanx for this but i want to know when it be given by bank.
10 July 2012
Bank will never give cash loan.
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