Loans to director
This query is : Resolved
13 September 2011
A director of pvt ltd company requires urgent money say Rs. 20lac for some personal purposes. If he withdraws the same then what will be the effect in his IT return....??
If he make the payment to the company within a span of a year then also would it attrect the proivsions of sec 2(22) deemed dividend...
Whether company is supposed to charge interest on the same....
Regards
If he make the payment to the company within a span of a year then also would it attrect the proivsions of sec 2(22) deemed dividend...
Whether company is supposed to charge interest on the same....
Regards
13 September 2011
If company has to given the loan to director the provision of sec 2(22) shall be attracted.
13 September 2011
Becomes a deemed dividend, though interest bearing and squared up, subject to other conditions laid down in section 2(22)(e) of the Income tax Act,1961.
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