Pvt ltd co-loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 January 2012 Pvt ltd co can avail loan only frm directors. so directors can take loan from outsiders and can give loan to co. is wat all say do practice. i wud like to know hw the interest income earned on it can be treated by director for his personal IT ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 January 2012 Directors' are prohibited to take loan from others for onward lending to the company. That is why "Companies Acceptance of deposit Rules" made it mandatory that the company has to get a declaration that the amount advanced is their own money. If done otherwise, it is a violation of section 58A of the Companies Act,1956.

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