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Loan Given by a director to the Company

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(Querist)
13 December 2009 Respected Experts ,

In one my audit i come across such a situation

A pvt ltd had received a loan from one of its 2 directors Rs.20,00,000/- on which interest was paid by the company to the director at 10% (Its a Private ltd Company) .
What are the disclosure to be made?? whether the interest is allowable??
Will sec 299 and 301 be attracted??
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Rasesh

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Rasesh (Expert)
14 December 2009 Interest expense is allowable.

Disclosure has to be made. Entry has to be recorded in register under SEction 301.

Necessary disclosures in CARO report and Notes to Account - AS-18 disclosures.
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