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Loan received from Directors

This query is : Resolved 
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(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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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