loan

dasd (Querist) 22 December 2009 This query is : Resolved

In case of a firm which is not subject to audit whether amt recd as loan or paid as loan repayment in cash is wrong.

eg "A" is a propertership in which she has accepted some loan from her relatives in cash (but less than Rs. 20000/-) on 1/4/08 & then again on 19/5/08 (but less than Rs. 20000/-) then made repayment on 15/6/08 in cash amting to rs 15000/-.Is the party violating any provision of income tax act.thisloan is for the purpose of business

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A V Vishal (Expert) 22 December 2009
No

Raj Kumar Makkad (Expert) 22 December 2009
No vilation has been made in the given facts.

Khaleel Ahmed Mohammed (Expert) 28 December 2009
No violation.

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