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Section 185

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(Querist)
27 August 2016 If a private ltd co has given loan to its directors which do not satisfy the 2nd condition that is loan foem banks or financial institution twice of share capital or 50 cr whichever is lower??
Then what is the further procedure how it is to be dealt in financial statements under tax audit ???

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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 August 2016 1. No comments needed in TAX AUDIT.

2. If CARO,2016 applies, comments should be given as per clause 3(iv) of the said report.
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PRATIKSHA

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PRATIKSHA (Querist)
27 August 2016 what if section 185 is applicable to private co.???
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