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deemed dividend

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24 September 2009 how to infer that a transaction is in the nature of deemed dividend?what effect does it have on our B/S n Profit/Loss?What reporting is reqd. for it?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 September 2009 1) The company should be a closely held company.
2) The company should have accumulated profits.
3) The directors should have substantial interest in the company.
4)The directors should have taken advance/loan from the company.

Then the question of deemed dividend arises.
For more details read section 2 (22) (e) of the Income tax Act,1961.
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