Section 40a3 and 269ss
This query is : Resolved
ASHUSH AGARWAL
(Querist)
22 July 2011
40A3
i) Whether payment of more than rs 20000 cash for different bill to a single vendor is allowed in single day?
ii) Whether deposit of cash of more than 20000 in a single day to a single vendor's bank account through bank slip also comes under 40a3. As the payment is through bank slip (i.e. bank voucher)
269 SS
i)It is sure from case studies that contribution of capital through partners doesnt comes under ambit of 269SS.
but whether the contribution from directors in a PVT. LTD. CO.( not a public ltd.) is consdiered as loan always. Cant their contribution on a regular basis for remitting to creditors be considered as investment or contribution as such?
PLEASE GUIDE THROUGH YOUR PROFESSIONAL KNOWLEDGE AND CASE STUDY
i) Whether payment of more than rs 20000 cash for different bill to a single vendor is allowed in single day?
ii) Whether deposit of cash of more than 20000 in a single day to a single vendor's bank account through bank slip also comes under 40a3. As the payment is through bank slip (i.e. bank voucher)
269 SS
i)It is sure from case studies that contribution of capital through partners doesnt comes under ambit of 269SS.
but whether the contribution from directors in a PVT. LTD. CO.( not a public ltd.) is consdiered as loan always. Cant their contribution on a regular basis for remitting to creditors be considered as investment or contribution as such?
PLEASE GUIDE THROUGH YOUR PROFESSIONAL KNOWLEDGE AND CASE STUDY
22 July 2011
Section 40A3
1. It is allowed.
2. No. The section strictly speaks about account payee cheque or bank draft.
269SS.
Partnership firm is not a separate legal entity. However, the company is a separate legal entity. When director brings cash, then it doesnot amount to capital contribution as the process for addition in capital is totally different in case of companies.
1. It is allowed.
2. No. The section strictly speaks about account payee cheque or bank draft.
269SS.
Partnership firm is not a separate legal entity. However, the company is a separate legal entity. When director brings cash, then it doesnot amount to capital contribution as the process for addition in capital is totally different in case of companies.
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