Loan from director
This query is : Resolved
02 February 2012
If a coMpany accepts loans from its directors/ their relatives/ shareholders...... is it require to comply with compliance of section 58A.(Public deposit)
Regards
Madhusudan
Regards
Madhusudan
02 February 2012
i) In case of public limited companies compliance of section 58A is mandatory.
ii) In case of pvt ltd companies, no need of compliance except a declaration,in case lender is director, that money lent is his / her own money.
ii) In case of pvt ltd companies, no need of compliance except a declaration,in case lender is director, that money lent is his / her own money.
Message likes :
1 times
02 February 2012
Dear warriers sir, Initially I had the same opinion like you. But recently I have come across a statement from a reputed professional that notification 189 dated 12/3/2004 put the directors of pvt. And public co. on the same footing. But I have not seen the copy of the said notification.
Thanks,
Thanks,
Message likes :
1 times
02 February 2012
Dear warriers sir, Initially I had the same opinion like you. But recently I have come across a statement from a reputed professional that notification 189 dated 12/3/2004 put the directors of pvt. And public co. on the same footing. But I have not seen the copy of the said notification.
Thanks,
Thanks,
02 February 2012
Banik Ji
I have gone through Notification 189(E) dated 12/3/2004. The amendment made therein is the declaration ,as I said in my earlier reply, should be obtained also from relative of the director and member in addition to the director.
I reiterate that in the pre as well as post amended situation's for the purpose of 58A, pvt ltd and public limited companies are not in the same footing.
Banik Ji
I have gone through Notification 189(E) dated 12/3/2004. The amendment made therein is the declaration ,as I said in my earlier reply, should be obtained also from relative of the director and member in addition to the director.
I reiterate that in the pre as well as post amended situation's for the purpose of 58A, pvt ltd and public limited companies are not in the same footing.
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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Two seprate Invoice needed
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- 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
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
