Loan given by private co. to others
This query is : Resolved
08 September 2012
HEY FRIENDS.....
PLS LET ME KNW WHETHER PRIVATE CO. CAN GIVE LOANS TO OTHERS.....?
PLS LET ME KNW WHETHER PRIVATE CO. CAN GIVE LOANS TO OTHERS.....?
08 September 2012
Yes a private company can very well give loan to others..
Section 372A of companies act 1956 will be applicable if that other is a subsidiary of the main company.
Section 372A of companies act 1956 will be applicable if that other is a subsidiary of the main company.
08 September 2012
Can't Give to Share Holders Holding 10% of Shares in That Company, or Substantial Interest in That Firm, Otherwise Section 2(22)e of Income Tax Comes in Exist.
Also Any Loan Given to Related Party Require Disclosure as Per AS 18 Related Party Disclosure Issued by Our ICAI & Books Need to Maintain if CARO is Applicable.
Also Any Loan Given to Related Party Require Disclosure as Per AS 18 Related Party Disclosure Issued by Our ICAI & Books Need to Maintain if CARO is Applicable.
Guest
Guest
(Expert)
08 September 2012
Before giving loan, we should avoid the applicability of deemed dividend u/s 2 (22) (e) as replied by ayush ji.
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