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Ajay S.Yadav (Student)     12 April 2021

Directors Loan written off

Dear Experts,

what is the taxability of Directors loan written off by the Company or waived off by the Director, in the books of Company. Is it liable to be taxed as deemed Income in the hands of Company?

Can we adjust loan written off against the Reserve and Surplus of the Company.

please elaborate with applicable provisions of Income Tax and companies Act 2013.

 1 Replies

Mujeeb Doi

Mujeeb Doi   13 April 2021

No, you cannot. By writing off the loan of director the company is getting ENRICHED, and hence the same would be treated as income of the company

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