Dear All,
We have one company and one partnership firm.We have transfered 10 lac from partnership firm to company in year 2011-12 in cash.So now problem is that can i show cash entry in both company and how?Please help me its urgent
Thanks in advance
First off all provisions of section 269SS and Section 269T will be applicable in both the assesses.
These sections do not allow cash payments and cash receipts of loans.
Thanks, Please let me know can we show these amount as capital of director ,coz same person engaged in partnership firm and in pvt ltd company.
You can show withdrawings from the partnership firm that is very easy.
But if you have to invest in the company then you have to go through the procedures to increase the capital . You will also have to bear the charges of ROC..
Thanks, its so difficult so what to do now....can u have any solutions for it
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