Loan Given by a director to the Company

This query is : Resolved

CA.CS.V.Viswanathan

CA.CS.V.Viswanathan (Querist)
Follow

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??

Rasesh

Rasesh (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Narender Yarragorla

PRABHU

ACCFIN SOLUTIONS

Prabhakar Manjunath

Saumil Kapadia

Subscribe Now

Loan Given by a director to the Company

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

CA Final

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant