A holding Company borrows funds in cash from its subsidiary above Rs 20000/-.It shows it as loan in its books. What are the disclosure norms.
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cash loan
Replies (2)
Refer Schd VI to the Companies Act, 1956 and also reporting under CARO for taking loans from parties covered u/s 301.
>>Vipul Garg
Vipul is right. but no company rather no assessee can take cash loan exceeding Rs 20000/- in cash . Refer provisions of section 269SS of the Income Tax Act 1961.
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