Deemed dividend
This query is : Resolved
02 July 2012
A company has given loan to the director.The assessing officer during assessment of the director taxed this loan in the hands of the director at applicable slab rates.The A.O. of the company is ignorant of this.
Now what entry will the company pass so that Director's loan outstanding in the books of the company will be rectified.
Now what entry will the company pass so that Director's loan outstanding in the books of the company will be rectified.
02 July 2012
Please check whether that Director holds more than 10% shares in that company. If not deemed dividend will not be applicable.
To rectify this director needs to repay the loan and square it off.
To rectify this director needs to repay the loan and square it off.
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