Section 269ss

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21 December 2013 whether salary payable to director converted into unsecured loan attracts any penalty by passing journal entry in the books of accounts.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 December 2013 if it exceeds rs 20,000 then yes but tds also needs to be considered as it was originally a salary.

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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21 December 2013 Salary is a trading liability not loan obtained. Conversion of salary in to loan is not discharge of loan. Further it is loan obtained otherwise then in money. By mere book entries loan is created. in this case 269ss is not attracted. no penalty is attracted.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 December 2013 sir pls provide any case law reference.

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