Corporate dividend tax

Yes. It can be considered as Deemed Dividend u/s 2(22)(e). It shall be taxable in the hands of the assessee to whom the loan is given and shall be taxable under the head Income from Other Sources.

Regards,

Devendra Kulkarni

It can be treated as deemed dividend only if those individuals are holding more than 10% stake in the Company.(Unlisted Public Company and Private Llimited Company)