Loans to director
This query is : Resolved
Nagendra Bhat
(Querist)
09 February 2012
Any debit balance appearing in Directors Account even for few days...
1.Is it treated as deemed income under section 2(22)e
2. What if the director is holding less than 10% of share capital.
3.Company is a Listed company
4. Any implication as per Co's Act?
Appreciate if you could share your views / advice..
Regards
1.Is it treated as deemed income under section 2(22)e
2. What if the director is holding less than 10% of share capital.
3.Company is a Listed company
4. Any implication as per Co's Act?
Appreciate if you could share your views / advice..
Regards
CA MANOJ GUPTA
(Expert)
09 February 2012
SECTION 2(22)(E) APPLIES ONLY TO CO IN WHICH PUBLIC ARE NOT SUBSTANTIALLY INTERESTED A LISTED CO IS NOT SUCH A CO
HENCE NO TAX CONSEQUENCES WILL BE THERE
CA MANOJ GUPTA
JODHPUR
09828510543
HENCE NO TAX CONSEQUENCES WILL BE THERE
CA MANOJ GUPTA
JODHPUR
09828510543
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