hi
company had taken loan from director
can company can pay back that same to director in cash.
Director loan
Replies (5)
Quick Summary
Company might Pay the amount through other mode other than cash
According to which section
Go with section 269 T
Company generally does not deal in hard cash transactions so obviously it can pay through bank
Section 269T prohibits any person to repay the loan or deposit or specified sum otherwise than by an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, if –
a. Amount of loan or deposit, including interest amount, is Rs. 20,000 or more, or
b. The aggregate amount of loans or deposits, including the interest amount, held by such person in his own name, or jointly with any person, is Rs. 20,000 or more.
overall it says that a person cannot repay the loan or deposit in cash, if the amount is Rs. 20,000 or more.
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