CAR LOAN REPAYMENT
This query is : Resolved
MAKARAND DAMLE
(Querist)
06 July 2009
Director of the Company has taken Car in his name on Hire Purchase. The down payment to the car dealer was made by the Director from his personal account. However, the instalment towards repayment of Finance taken from institution is repaid from The Copmpany's Current Account.
My query is how to account this transactions in final accounts so that there are no problems from Tax angle ??
My query is how to account this transactions in final accounts so that there are no problems from Tax angle ??
CA Bosu babu
(Expert)
09 July 2009
show as Loan to director. and also show as deduction certain amount from salary every month....
MAKARAND DAMLE
(Querist)
13 July 2009
what about sec 2(22)(e) deemed dividends. This particular director holds 50% of companys issued share capital ??
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