Unsecured loan
This query is : Resolved
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
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
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
Message likes :
1 times
27 July 2012
sir please explain the term associates.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
