Advances to director
This query is : Resolved
Deepak Choudhry
(Querist)
18 December 2009
How will the advances paid to director treated ?
Is there any way we can advice an accounting treatment in which the directors can withdraw money from the company without showing it as a loan ?
What is the limit to remuneration of directors ?
How are the personal expenses of directors borne by the company dealt ?
Is there any way we can advice an accounting treatment in which the directors can withdraw money from the company without showing it as a loan ?
What is the limit to remuneration of directors ?
How are the personal expenses of directors borne by the company dealt ?
19 December 2009
1. If it is a closed held company then it will be treated as dividend and taxable in the hands of director.
2. If done so; it is known as accounting fraud.
3. In closly held company, you can give remuneration which is suitable according to the working of the company.
4. Personal expenses of directors can't be borne by the company.
However; if resolution is passed you can give certain allowances to the directors.
2. If done so; it is known as accounting fraud.
3. In closly held company, you can give remuneration which is suitable according to the working of the company.
4. Personal expenses of directors can't be borne by the company.
However; if resolution is passed you can give certain allowances to the directors.
Deepak Choudhry
(Querist)
19 December 2009
Thank you Sir.
CA Ravi Sisodia
(Expert)
19 December 2009
Agree
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