Deemed Dividend
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2011
SUPPOSE WE HAVE GIVEN ADVANCES TO PROMOTERS AROUND RS 2 CRORE AND DEEMED DIVIDEND IS APPLICABLE CAN U PLEASE LET US KNOW HOW DO WE CALCULATE THE SAME AND WHAT IS THE TAX RATE FOR THE SAME.
THANKS
THANKS
12 July 2011
These provisions are applicable for the companies in which public are not substantially interested.
If such an advance is made to a person beneficially holding 10% or more voting power in the company, the amount of loan advanced to him to the extent of accumulated profits in the company shall be deemed as dividend paid to him and will be taxable, to that extent, in his hands.
If such an advance is made to a person beneficially holding 10% or more voting power in the company, the amount of loan advanced to him to the extent of accumulated profits in the company shall be deemed as dividend paid to him and will be taxable, to that extent, in his hands.
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