Related party transaction
This query is : Resolved
SURABHI GUPTA
(Querist)
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
(Expert)
08 November 2019
Yes, It is a related party transactions.
SURABHI GUPTA
(Querist)
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 ?
In balance sheet also we have to give " Notes to Account ' for this ?
CA. Anshul Medatwal
(Expert)
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)
Further more please consider sec 2(22)(e) of income tax also (ie., Deemed dividend)
SURABHI GUPTA
(Querist)
08 November 2019
Thank u sir for your valuable reply.
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