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Deemed dividend

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self employed
43 Points Posted on 09 December 2019
A director of pvt ltd company holding 33 % shares takes loan from his company and returns back the entire amount with 9% interest over a period of time...
pl advise if this comes under deemed dividend us 2(22) and will that loan amount will be taxed as income in directors hand .
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On 09 December 2019 at 11:31 Report
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17264 Points Posted on 09 December 2019
As per amendment in section of Companies Act 2013 , no loans can be given to directors and their relatives. So question of 2(22)(e) does not arise.
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On 09 December 2019 at 13:13
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self employed
43 Points Posted on 09 December 2019
Thanks for the reply...however this happened in 2012 ...before companies act 2013 came into effect....
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On 09 December 2019 at 13:56
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12244 Points Posted on 09 December 2019
Section 2(22)(e) applicable in your case
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On 09 December 2019 at 14:04
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self employed
43 Points Posted on 09 December 2019
Thanks for the reply...
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On 09 December 2019 at 14:11
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BUSINESS DEVELOPMENT MANAGER
1697 Points Posted on 09 December 2019

No loans can be given to directors

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On 09 December 2019 at 16:18


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