DEar Friends
LOAn taken in the name of director of the company & used for company purpoose can it be shown in company. Any statutory provisions affecting it under IT Act or Companies Act
1 Replies
SkDash
(CS (Member) CWA (Final))
(909 Points)
Replied 08 July 2011
loan taken in the name of the company adn used for company business. That means bank has given loan to director and director has given loan to the company. These two are separate transaction and to be entered separately. Provision of IT Act and Companies Act will be applicable as if the transactions are different
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