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income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 January 2011 can director take loan from own company, without given interest.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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