Unsecured loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2013
Dear sir,
we are having a private limited company with 2 directors. 3 years back my friend had given us rs. 20 lac as a loan without any interest or agreement by cheque.
which we have paid back to him last year by cash in different amounts by installement within 10 months.
now my CA says that being a private limited company we cannot take loan, and also cannot pay in cash.
Please let us know, how to solve this problem. We have shown in our accounts as unsecured loan.
we are having a private limited company with 2 directors. 3 years back my friend had given us rs. 20 lac as a loan without any interest or agreement by cheque.
which we have paid back to him last year by cash in different amounts by installement within 10 months.
now my CA says that being a private limited company we cannot take loan, and also cannot pay in cash.
Please let us know, how to solve this problem. We have shown in our accounts as unsecured loan.
04 June 2013
Yes your CA is right the law further says that the loan from friend and relatives are not hit by the provisions of section 58A of the companies act but the repayment in cas is not permitted and penalty u/s 269SS can be imposed on you. So you take the cash from yor friend and issue cheque to that extant.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
