Section 185 query

Shivshankar (a c.a student) (229 Points)

24 April 2014  

As per serction 185 no loan should be granted to Directors and Companies in which Director is Interested. The section applies with effect fro m 01.04.2014.

Now the question is that the loan is being carried forward from previous years i.e before 01.04.2014, then will Section 185 be applicable on it????