Directors debit balance
This query is : Resolved
06 October 2008
Can private ltd company have debit balacne of directors in their books of accounts
S.Srinivasaraghavan
(Expert)
06 October 2008
It depend upon the reason and the duration. You have to quote an example.
06 October 2008
IF THE COMPANY IS A PROFIT MAKING COMPANY THE SAID DEBIT BALANCE WILL BE TREATED AS DEEMED DIVIDEND AND WILL BE ASSESSED TO INCOME TAX.
APPLICABILITY OF OTHER LAWS DEPENDS AS RIGHTLY SAID BY Mr.SRINIVASARAGHAVAN.
APPLICABILITY OF OTHER LAWS DEPENDS AS RIGHTLY SAID BY Mr.SRINIVASARAGHAVAN.
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