Advance of loan by company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 February 2014
Sir,
Ours is a Pvt Ltd. company I want to know that can our company advance loan to any person who is a known person of director but not relative and whether the provision of Sec 2(22)(e) of Income Tax Act 1961, and Scetion 185 of Companies Act would apply.
Ours is a Pvt Ltd. company I want to know that can our company advance loan to any person who is a known person of director but not relative and whether the provision of Sec 2(22)(e) of Income Tax Act 1961, and Scetion 185 of Companies Act would apply.
09 February 2014
well if the person is unrelated, then no problem under 2(22)(e) or companies act.
13 February 2014
Sec 2(22)e is not applicable in this case.
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