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deemed dividend ?

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(Querist)
19 June 2010 if a pvt company given loan to directors. can we consider as a deemed dividend

i read as per the act its include as a dividend and taxed.

plz clarify ?
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hshivakumar

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hshivakumar (Expert)
19 June 2010 yes if company given loan to director it will deemed dividend upto its accumulated profits.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
19 June 2010 If the director holds more than 10% of the capital of the company and loan is granted to him then provisions of Section 2(22)(e) will apply.

The said dividend is not exempt u/s 10(34) as DDT has not been paid on the same u/s 115O. Hence the same is taxable in the hands of the director.
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