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CARO

chintz (CA Final ) (129 Points)

18 September 2009

How to calculate maximum amount involved during the year in case of loan taken/granted ?
Eg: If A ltd has taken loan from 3 directors.Whether maximum amount of each director will be added to come at maximum amount involved during the year ?

OR

maximum amount on a particular date during the year should be considered to come at maximum amount involved during the year ?

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3 Replies

Kaustuv (Practicing CA) (1773 Points)
Replied 19 September 2009

loan from each director is a separate one. disclosure of maximum balance o/s during the year to be given for each loan

Aayush Kumar Agrawal (Chartered Accountants) (66 Points)
Replied 19 September 2009

The loan given to the different directors is to be treated as a different one and while calculating the maximum amount outstanding the amount due to each directors is to be calculated and the same is to be clubbed to calculate the maximum amount outstanding.

The same is to be reported under CARO u/s 227 4 ( A) .