income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2011
can director take loan from own company, without given interest.
10 January 2011
If company is a closely held company and have accumulated profits, the loan will be treated as deemed dividend u/s 2(22)(e) of the Income tax Act,1961 to the extent of accumulated profit. Further ,if interest bearing funds are utilized to give interest free loan to directors ,proportionate interest paid on loan taken will be disallowed.
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