20 August 2016
Can a private company give loan to director according to
companies act 2013 and whether same is allowable under income tax too ??
Plz reply
22 August 2016
Dear Sir,
As per the GSR 464 (E) dated 5 June 2015, Sec 185 will not apply to pvt comp. on following of some conditions.
So if comp. can give loan then it has to deduct tds in sec 194 and the same will be taxable in the hand of director and company can claim the same in it.
is it correct ?
Plz clarify sir
CAclubindia
