Under Section 2(22) e Deemed Dividend
This query is : Resolved
Manoj Kumar Karna
(Querist)
23 September 2009
As per section 2(22) (e) of the Income Tax Act, any loan or advance given by a company to a shareholder holding not less than 10% voting power shall be deemed dividend to the extent of accumulated profit.
our querry is whether a shareholder shall be holding 10% voting power as on date of disbursement of loan or at any time during the previous year
As per section 2(22) (e) of the Income Tax Act, any loan or advance given by a company to a shareholder holding not less than 10% voting power shall be deemed dividend to the extent of accumulated profit.
our querry is whether a shareholder shall be holding 10% voting power as on date of disbursement of loan or at any time during the previous year
chetan soni
(Expert)
24 September 2009
it will be any time during the year.
11 October 2009
The share holder should have at least 10% voting power ON THE DATE the advance or loan is given to him.
If the loan is given to a concern in which the shareholder is a member or a partner and in which he has a substantial interest, then for calculating substatial interest, he should AT ANY TIME DURING THE PREVIOUS YEAR benefically entitled to at least 20% income of the concern.
If the loan is given to a concern in which the shareholder is a member or a partner and in which he has a substantial interest, then for calculating substatial interest, he should AT ANY TIME DURING THE PREVIOUS YEAR benefically entitled to at least 20% income of the concern.
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