Hi Members,
Please suggest on the following query. A proprietorship firm (non-audited) has unsecured loan of Rs. 4 lacs in 2017-18. Can repayment of loan in this case be done in cash?
Thanks
Hi Members,
Please suggest on the following query. A proprietorship firm (non-audited) has unsecured loan of Rs. 4 lacs in 2017-18. Can repayment of loan in this case be done in cash?
Thanks
Yes, if repayment of loan is to a bank registered under banking regulation act.
Unsecured loan has been taken from relative.
Well in that case repayment in cash above 20,000/- is not allowed
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
