Deemed dividend - loans and advance to related concerns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2013
MR. A IS DIRECTOR IN ABC CO. PVT. LTD. A HAS GIVEN UNSECURED LOAN OF RS. 50 LAKH TO THE COMPANY. THE COMPANY IN IT'S TURN HAS GIVEN LOAN OF RS. 25 LAKH TO HUF OF MR. A . WHETHER
PROVISIONS OF SECTION 2(22) OF INCOME TAX ACT, ARE ATTRACTED .
PROVISIONS OF SECTION 2(22) OF INCOME TAX ACT, ARE ATTRACTED .
29 December 2013
Yes it is applicable provided the HUF is the shareholder of the company or the Karta is the shareholder of the company. In case the loan is given in due course of business as business advance then it is not applicable and the provisions cannot be attractged
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Regarding Applicability of Tax Audit u/s 44AB
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
