Dear Sir
in our case one proprietory firm to meet its financial problems accept loan from one of its employee (manager) by a/c payee cheque Rs.600000 and agrees to pay interest @ 10% is any legal problem in that
Menu
Acceptance of loan
Replies (2)
Since you are a proprietory concern you will the taxed as an individual.
If your turnover is exceeding 1 cr (If business) / 25L(profession), then you should deduct tax at source @ 10% when you pay interest to the employee( He should furnish PAN)
Also make sure that the repayments of the loan are by A/c payee cheques too.
Agreed with Madhavi Pandit
Recent Topics :
- GSTR 9 LATE FEE
- Best Online Mock Test Series for CA Inter January
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
Related Topics :
CAclubindia
