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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Deemed dividend
Replies (5)
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.
Thanks for the reply...however this happened in 2012 ...before companies act 2013 came into effect....
Section 2(22)(e) applicable in your case
Thanks for the reply...
No loans can be given to directors
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