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Loans to Director

This query is : Resolved 
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(Querist)
13 May 2010 I want to know whether the loans to Director of private limited company is allowed or not. If yes then what are the formalities.
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CA Pramod Jain

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CA Pramod Jain (Expert)
13 May 2010 in case of pvt ltd co its allowed and need to be reported in caro report.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 May 2010 To take care of section 2(22)(e) of the Income tax Act,1961.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
13 May 2010 Agree with Warrier Sir.
Always take care of Sec 2(22)(e) of I.T.Act otherwise Director will suffer.
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