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Advance to directors as per 185 of ca 2013

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CS
24 Points Posted on 21 July 2015

Hello,

Money advanced to Director against deduction from his salary for 24 months without interest. Is this treated as Loan? or it can be shown as advance?

Request your urgent response on the same.

 

Thank you.

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On 21 July 2015 at 12:32 Report
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Accountant
595 Points Posted on 21 July 2015
If it is a genuine case of advance given to director as an advance salary and no interest is collected on that advance, then it should be treated as an advance salary. Loan includes an interest component. As no interest is recovered then it is not a loan. It is advance salary and adjusted in upcoming salary.
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On 21 July 2015 at 15:26


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