Sec 269t

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2016 A person liable to audit has an unsecured loan of Rs.300000/-, can he make repayment of Rs.20000/- in cash?Again he has taken a unsecured loan of Rs.240000/- from his employee and his crediting the salary to unsceured loan account, can he do so?? Does he violates any provision?

Expert : Anonymous

Expert : Anonymous (Expert)

30 August 2016 Dear User, As per section 20000 is allowed in cash. in second case u cannot credit salary to unsecured loans as salary is a expense where as loan is a liability. Kindly make different entry for it Hope your query is resolved Kindly like if my response has helped you

Expert : Anonymous

Expert : Anonymous (Expert)

30 August 2016 Hope your query is resolved

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