Section 269ss
This query is : Resolved
21 December 2013
whether salary payable to director converted into unsecured loan attracts any penalty by passing journal entry in the books of accounts.
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
(Expert)
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.
22 December 2013
sir pls provide any case law reference.
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