Loan Taken by Director from Company
This query is : Resolved
18 March 2010
Dear friends
Pls. guide me, its urgent.... march is near..
Loan taken from a pvt. ltd. company by the director of the company during the financial year is taxable?
Is there any limits of loan amount?
Pls. guide me, its urgent.... march is near..
Loan taken from a pvt. ltd. company by the director of the company during the financial year is taxable?
Is there any limits of loan amount?
18 March 2010
if Sec 2(22)(e) - deemed dividend gets attracted, then yes, it is taxable as dividend.
There is no such limit.
There is no such limit.
18 March 2010
There is a limit,to the extend of accumulated profits of the company subject to the satisfaction of other conditions, as rightly said by Rasesh sir,as in section 2(22)(e) of the Income tax Act,1961.
18 March 2010
AGREE WITH EXPERTS. BUT IF THE COMPANY IS A NBFC AND MORE THAN 20% OF ITS INCOME IS FROM INTEREST RECEIVED ON LOAN GIVEN AND THE COMPANY HAS CHARGED INTEREST ON LOAN GIVEN TO DIRECTOR THEN SEC 2(22)(e) WILL NOT BE ATTRACTED. YOU ALSO HAVE TO LOOK AT THE SHAREHOLDING OF DIRECTOR IF IT IS LESS THAN 10% 2(22)(e) WILL NOT BE ATTRACTED.
19 March 2010
Thanks Sir
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