Taxes on intercorporate loan in india

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amit (Querist)
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10 April 2012 I need to know if there are any kind of taxes if one company loans to another company who is not related to them..anyhow..just to finance them as they need money for expansion

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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10 April 2012 If you have landed the money at any fixed rate of interest then interest earned is to be taxed in the hands of the lander. The payer of interest shall deduct TDS on interest but the gross interest earned shall be taxable in the lands of the company which is receiving the interest. As per companies act the loan from company to company is also not attracted by the provisions of section 58A

CA Kishore Tallam

CA Kishore Tallam (Expert)
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10 April 2012 Agree with Expert. But you also need to see the applicability of Sec 372A of the Companies Act, 1956 Inter Corporate Loans and Investments.

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