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Unsecured loan

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(Querist)
27 July 2012 Dear sir,

We are a company and now we are insisted to earn unsecured loan from individual.please explain the procedure and legal side and How it will effect income tax laws.

Regds
Shyamlal.K
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
27 July 2012 Dear Friend, first clear you are public limited or private limited company. Since private limited company does not take loan or deposit otherwise its directors, their relatives and associates. Same will be applicable in case of unsecured loan also. Any payment received without consideration attracts tax u/s 56 of the Income Tax Act, 1956. Now in case of Public Companies you have to comply various formalities before going for loan or advances. Thanks
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SHYAMLAL KAYYARUVATH

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SHYAMLAL KAYYARUVATH (Querist)
27 July 2012 sir please explain the term associates.
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