Dear Friends,
While transfreing Cash from one co to another co. (Sister Concern & for both Co. Same propretor) can we pass entries more than 20,000/- (twenty thousand) by way of cash ?????
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Inter company fund transfer
Replies (1)
Yes you can do that. Inter-co transactions do not affect the P&L, so the provision of disallowability u.s 40(A)(3) will not attract. However if loan is taken & that is repaid alongwith interest exceeding Rs 20k in cash then the penalty as per section 269T of I-T Act would get attracted.
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