Please suggest me
we have to pay monthly remuneration 3,00,000/-to our one ofthe director.we have booked remuneration & paid tds also.we have to pay from jan'11 to jan'12 nearly 35 lakhs. This total amount tobe converted as a unsecured loan received from director?
is it correct, please help me.
bhaskar
There is nothing wrong in converting the salary payable to Unsecured Loan,provided other formalities like Resolution of the Board,filing necessary returns with ROC,necessary letter from the Director requesting the same is followed.
You may please also consult your CS for required formalities.
This would also be considered as capital(Subordinated Loan) by bankers for financing.
kkm
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