loan to director of pvt ltd company
This query is : Resolved
01 October 2008
Is there any ceiling on amount of loan
which can be given by pvt Ltd company
to its director.The company is nither holding or subsidiary company of any public ltd company.
Will this loan amount will be considered as perquiste in personnel income of director under income tax law.
Is there any ceiling on amount of loan
which can be given by pvt Ltd company
to its director.The company is nither holding or subsidiary company of any public ltd company.
Will this loan amount will be considered as perquiste in personnel income of director under income tax law.
01 October 2008
121
01 October 2008
The loan amount will be treated as deemed dividend in the hands of the concerned director u/s 2(22)(e) of the income tax act,1961 subject to the other conditions mentioned therein.
Message likes :
1 times
01 October 2008
Loan to director by the private company can be given without any cieling.
02 October 2008
As the question is with reference to to IT Act,Mr. Warriors' view is correct in this context.
03 October 2008
A director of pvt ltd company requires urgent money say Rs. 20lac for some personal purposes. now he wants to withdraw the money from his company where he is major beneficial owner. The money to be withdrawn shall be repaid in due course of time say within one year.
What are the best options available to him
ensuring that
The relevent provsions of companies act & income tax are complied with.
Also ensuring that there is no additional income tax liablity in directors' personal income.
Regards
What are the best options available to him
ensuring that
The relevent provsions of companies act & income tax are complied with.
Also ensuring that there is no additional income tax liablity in directors' personal income.
Regards
06 October 2008
Issue as an advance which can be said for business purpose (advance to buy land or property held by director etc) to protect from deemed provisions of IT Act
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Management System (IMS)
- FTS Taxable under 115A
- Experts need help
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
