Dear friend please give me your openion
Capital of MR A 500000.00
Unsecured loan 200000.00
If Mr A want to increase his capital threw unsecured loan than what will be penalty in income tax act as well as other act
Now Mr A show his capital in the balance sheet as (own capital 500000.00 and unsecured loan 200000.00) Rs.700000.00 with out showing unsecured loan
Hi , I am of the opinion that company want to convert the loan taken by company to personal loan and then to take it as capital , and the consequences of that will be that interest paid on such loan will not be deductible under the provisions of income tax act .
Plz respond if any other compliance to be seen .
Shyam Joshi & Associates
Pune
B.Com
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SMJ global advisors pvt ltd
New Delhi
B.Com
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O P Bagla & Co LLP
New Delhi
CA Inter
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CAclubindia
