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Interest on unsecured loan from director
If a private company has paid interest on unsec loan taken from director in 2014-15, is it compulsory to provide interest in the current year even if the company is loss making?
Also can we reduce director remuneration in order to reduce loss of the company?
Replies (2)
Don't provide the interest itself assuming director has converted his interest bearing loan to interest free loan. Also director remuneration can be reduced provided it is not actually paid otherwise it will be like company has given loan to director which is contravention of sec 185 of companies act
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