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Loan from Individual and becomes shareholder later

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(Querist)
30 March 2021 Respected Members,

I have an urgent query on Loan from individual in to private limited company, request you to please reply to these queries: -

1. Loan received from Mr. X in 2019-20 and filed instead as a loan from director (Mr. Y) to company, later at the stage to repayment realized that payments have to be released directly to the Mr. X. Please advice how to pass correction here and pay directly to the Mr. X in year 2020-21.

2. loan received again in May 2020 from Mr. X in 2020-21 and made him shareholder too in Nov 2020 then how will we treat both the loan while paying in year 2020-21 along with Interest payment.

Please reply as soon as possible.
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
21 July 2021 1. Do correction in books and pass the resolutions for correction of mistakes.
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
21 July 2021 2. Loan in second question shall consider as deposit and need to pay penalties.
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