26 May 2015
company has paid gratuity to an employee from its own funds and then lic will reimburse the company so i want to know under which head to classify gratuity payment to employee and the reimbursement from lic
26 May 2015
then gratuity will come under direct expense but when it is paid to employees who have resigned? That time another head will have to be created?
26 May 2015
then gratuity will come under direct expense but when it is paid to employees who have resigned? That time another head will have to be created?
26 May 2015
when principle is repaid how will the interest be calculated?
eg: principle repaid rs. 200000/- on 15/6/2015 so interest will be calculated till 15/6/2015 and what about the cumulative balance, how will interest be calculated on that?
cumulative balance is loan amount + interest. then after instalment is paid it will get deducted from cumulative balance.
26 May 2015
also it is a sister concern , directors are common. the company in which the loan was issued the directors are holding less than 50% interest so is it viable from companies act 2013? the interest rate was mutually decided
26 May 2015
In PSUs for loan given to employees no interest will be charged on interest outstanding. You are referring such a case then no interest will be charged on the balance outstanding interest. Interest calculation stops when the principle is fully paid.
26 May 2015
Old loan no problem new loan can't be given. See the link for more information. http://taxguru.in/company-law/company-give-loan-group-companies-companies-act-2013.html
26 May 2015
its an old loan and loan is given by 1 company to another.
eg loan taken 1000000/- so interest will be on 10L but when I repay rs. 500000/- I will calculate interest on rs. 5l till the date it is repaid but what about the balance amount? ( 10L + interest) and will I reduce 5l from this balance?
26 May 2015
Refer terms of loan if it is simple interest, interest will be calculated once a year and added to principle. For the next year interest will be applicable on interest portion. Repayments has to be reduced from the outstanding for interest calculation.
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