I m a proprietor of a firm. I have take unsecured loan from relative & friends.Can you suggest me limit of loan recieved in a year & if i paid interest is applicable for tds or not.
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Limit of unsecured loan in proprietorship firm
Replies (3)
If you were under tax audit in the last year , then tds to be deducted in current year. Take loan as per requirement. No limits as such. Loan to be taken and paid only through cheques.
THANKS FOR SEGGESTION, RCD.
How much unsecured loan can be taking from relatives and friends in case of a new proprietorship firm will be starting business with a capital of Rs. 5 LAKH. Also let us know can that loan be interest free?
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