Loan received from Directors
This query is : Resolved
RANGANATH.T
(Querist)
08 January 2009
Dear Sir,
With reference to the above subject, I request for your help regarding Pvt Limited company shall take Loans from the Dirctors of company? and tell me Directors current a/c or Directors remunaration a/c can show debit balance? (under Current Liabilities) or we should keep seperate accounts for loan and current accounts.
Pls give me your co-operation regarding this matter.
Thanking You.
Yours faithfully,
Ranganath.T
With reference to the above subject, I request for your help regarding Pvt Limited company shall take Loans from the Dirctors of company? and tell me Directors current a/c or Directors remunaration a/c can show debit balance? (under Current Liabilities) or we should keep seperate accounts for loan and current accounts.
Pls give me your co-operation regarding this matter.
Thanking You.
Yours faithfully,
Ranganath.T
08 January 2009
In the given case the company can accept loan from directors. If there is debit balance in directors account question of deemed dividend u/s 2(22)(e) of the Income Tax Act will arise.
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