Can some one guide me: Can a shareholder of private limited company take advances or loans.. if yes then what is format of passing resolution..
please guid on above at earliest.
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Can a shareholder of pvt ltd company take advances or loans
Replies (4)
Yes, He Can Take Loan Advance as Far as Companies Act is Concerned.
But Under Income Tax Act, It Shall be Deemed as Deemed Dividend u/s 2(22)(e).
& Taxable to Shareholder as Income.
| Originally posted by : CA AYUSH AGRAWAL | ||
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Yes, He Can Take Loan Advance as Far as Companies Act is Concerned. But Under Income Tax Act, It Shall be Deemed as Deemed Dividend u/s 2(22)(e). & Taxable to Shareholder as Income. |
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Provided that the Shareholders holds not less than 10% of the voting power. If a share holder holds less than 10% of voting power than it wont be considered as deemed dividend.
Correct me if i am wrong.
| Originally posted by : CA Manish Malu | ||
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Originally posted by : CA AYUSH AGRAWAL Yes, He Can Take Loan Advance as Far as Companies Act is Concerned. But Under Income Tax Act, It Shall be Deemed as Deemed Dividend u/s 2(22)(e). & Taxable to Shareholder as Income. Provided that the Shareholders holds not less than 10% of the voting power. If a share holder holds less than 10% of voting power than it wont be considered as deemed dividend. Correct me if i am wrong. |
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Yes, Manish U R Rite, I Forgot to Add These Lines.
also TDS will be liable to be deducted on the same
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