Compliance for loan provided by the directors to company
This query is : Resolved
26 April 2013
Are there any restrictions on directors on giving a loan to the company. and If during the year frequently loan is given by the director than which account should be debited?
26 April 2013
There is no restriction for director giving loan to company. The loan account can be create under unsecured loan from directors.
But make sure that there should not be loan given to director by company, otherwise deemed dividend comes in to picture.
But make sure that there should not be loan given to director by company, otherwise deemed dividend comes in to picture.
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