I AM RUNNING THE INSTITUTE AND THIS INSTITUTE IS REGISTER UNDER SOCIETY ACT
WHEN FINALISATION OF THE ACCOUNT MY CAHS IN HAND COMING NEGATIVE . CAN I TAKE A LOAN FROM MY FREINDS WHICH WILL BE BELOW Rs. 20000/- FOR EXAMPLE
IF I TAKE LOAN FROM RAVI
ON 05/09/2010 Rs. 15000
ON 07/09/2010 Rs. 15000
THEN TOTAL LOAN COMES TO 30000/- IN THIS CASE WILL I BE LIABLE FOR PANELTY UNDER SECTION 269SS. AS PER SECTION 269SS THE LIMIT IS 20000/- AND I AM CROSSING THE LIMIT TO Rs. 30000/ AS MENTION ABOVE ?
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269ss
Replies (1)
Yes u r crossing the prescribed limit and will be liable for penalty
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