Interest on unsecured loan
This query is : Resolved
CA BIREN SHAH
(Querist)
13 June 2012
Sir,
A private limited company has accepted unsecured loan form director and their relatives. Now is it compulsory for company to provide interest on loan accepted?
What will the consequence* if company do not pay interest to Director and their relatives?
(*Form Income tax and companies act point of view)
A private limited company has accepted unsecured loan form director and their relatives. Now is it compulsory for company to provide interest on loan accepted?
What will the consequence* if company do not pay interest to Director and their relatives?
(*Form Income tax and companies act point of view)
13 June 2012
There is no consequence if the company doesnt pay interest to an unsecured loan either as per IT Act or the Companies Act.,
13 June 2012
It is not compulsory to pay interest on unsecured loan.
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