Related party transaction

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SURABHI GUPTA (Querist)
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07 November 2019 does loan taken by pvt. company from its directors comes under Related Party Transaction under companies act...do we have to report in Notice To Director's Report ?

CA. Anshul Medatwal

CA. Anshul Medatwal (Expert)
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08 November 2019 Yes, It is a related party transactions.

SURABHI GUPTA

SURABHI GUPTA (Querist)
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08 November 2019 sir... can we show it under head deposits " exempted deposits " in Directors report ?
In balance sheet also we have to give " Notes to Account ' for this ?

CA. Anshul Medatwal

CA. Anshul Medatwal (Expert)
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08 November 2019 Yes, It is shown in board's report as well as Notes to account. Further go through the provisions of deposits under companies act as there are many situations related to this.
Further more please consider sec 2(22)(e) of income tax also (ie., Deemed dividend)

SURABHI GUPTA

SURABHI GUPTA (Querist)
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08 November 2019 Thank u sir for your valuable reply.

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