hi
company had taken loan from director
can company can pay back that same to director in cash.
Sravan Reddy G (CA) (618 Points)
29 March 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 29 March 2021
Shubham Jha
(127 Points)
Replied 31 March 2021
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 31 March 2021
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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