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section 2(22)e
will reimbursement to director who is also shareholder of a closely held company regarding foreign business trips done by him be considered as deemed divided?
Replies (3)
No. Section 2(22)(e) covers Loans and Advances and Not REIMBURSEMENT.
Although it must be seen under the impression of Section 40A(2) and it must be kept in mind that it should be genuinely done for the business for what has been paid (now being reimbursed) is as per Market Value. If it exceeds that it would be disallowed under Section 40A(2).
Although it must be seen under the impression of Section 40A(2) and it must be kept in mind that it should be genuinely done for the business for what has been paid (now being reimbursed) is as per Market Value. If it exceeds that it would be disallowed under Section 40A(2).
You have always great answers for every question @ Nitesh Sir.
Thank dear. N Be Helpful to One Another!
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