Fund drawn by director
This query is : Resolved
pradip roy
(Querist)
23 September 2010
Our company is Pvt. Ltd. both directors are familiy member.
Now my question is, if director borrow funds except than their remuneration fixed, will it attracts dividend tax. If yes what would be the rate of tax.
Please advice us asap.
Now my question is, if director borrow funds except than their remuneration fixed, will it attracts dividend tax. If yes what would be the rate of tax.
Please advice us asap.
Aditya Maheshwari
(Expert)
23 September 2010
Deemed dividend u/s 2(22)(e) liable if the company is having reserves. TDS dedductible u/s 194 and taxable in the hands of the shareholder at the slab rate applicable.
pradip roy
(Querist)
23 September 2010
Thanks Aditya
Here it is directors own company...80% share on his name + 20% share on his mother name.
Total fund drawn Rs.67 lacs.
Pls. advice rate of tax applicable here
Here it is directors own company...80% share on his name + 20% share on his mother name.
Total fund drawn Rs.67 lacs.
Pls. advice rate of tax applicable here
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