LOAN FROM DIRECTOR
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2010
Mr. A is a director of a company M/s ABC.
M/s ABC taken Rs 10,00,000/-as a loan from Director ( Mr. A ) then company refund 10,00,000/- and interest thereon but then company by mistake given another 15,00,000/- to the director Mr A.
how solve this promblem is it a case of deemed dividend then how is it calculated?
Please advise
M/s ABC taken Rs 10,00,000/-as a loan from Director ( Mr. A ) then company refund 10,00,000/- and interest thereon but then company by mistake given another 15,00,000/- to the director Mr A.
how solve this promblem is it a case of deemed dividend then how is it calculated?
Please advise
06 May 2010
TRY TO CLEAR THAT LOAN ADVANCED TO DIRECTOR WITHIN SAME FINANCIAL YEAR.
I AGREE IT WILL ATTRACT SEC. 2(22)(e).
THE ENTIRE AMOUNT OF RS 15 LACS WILL BE ADDED IN THE INCOME OF MR. A AS DEEMED DIVIDEND PROVIDED THE COMPANY HAD ENOUGH RESERVE AND SURPLUS.
PLEASE TELL ME THE BUSINESS OF COMPANY AND ENTIRE DETAIL SO THAT WE CAN GIVE AMICABLE SUGGESTION.
I AGREE IT WILL ATTRACT SEC. 2(22)(e).
THE ENTIRE AMOUNT OF RS 15 LACS WILL BE ADDED IN THE INCOME OF MR. A AS DEEMED DIVIDEND PROVIDED THE COMPANY HAD ENOUGH RESERVE AND SURPLUS.
PLEASE TELL ME THE BUSINESS OF COMPANY AND ENTIRE DETAIL SO THAT WE CAN GIVE AMICABLE SUGGESTION.
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