Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2010
Hi Friends
I have urgent query about Loan. One of the company employees requesting for personal loan from company, presently he is drawing more then one lakhs. Please tell as per law (as per IT Dept and Company Law)can company allow loans to employee? If it ok then what is the limit? Can we charge interest? If employee unable to reimburse loan then how to recollect to them?
I have urgent query about Loan. One of the company employees requesting for personal loan from company, presently he is drawing more then one lakhs. Please tell as per law (as per IT Dept and Company Law)can company allow loans to employee? If it ok then what is the limit? Can we charge interest? If employee unable to reimburse loan then how to recollect to them?
26 May 2010
Loans can be given to employees who are not directors. There is no specific limit under the law. Rate of interest and other terms may be decided by the company as per its internal policies. For re-collecting as well, the company may have its own policies.
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 May 2010
Hi Sir
Thank you, is this taxable to employee? or Company?
Thank you, is this taxable to employee? or Company?
27 May 2010
The loan would be treated as a loan only and not a perq. Hence, the question of taxability on the company or the employee does not arise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- GST ON DAMAGED GOODS
- LTCG for Assmt year 26-27
- Tax liability on income of freelancer
- REGARDING GST LIABILITY/....
- Plot of land. Cost of Acquisition
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
