Accepting unsecured loans from relatives of directors/proprietor was allowed under Co's Act 1956. However it has been restricted under the 2013 Act, specifically Section 73. Can anyone brief me under this regard and what has to be done to continue the old debt struture?
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Unsecured loans from relatives private company co's act 2013
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For amount lying on 31.3.2014, file return with ROC u/s 74 and refund the amount by 31.3.2015.
But the problem is that, the company has a lot of unsecured loan from the relatives, and converting the same into shareholder's capital would mean no benefit of Interest deduction under IT + paying additional Dividend tax on the returns. Can anybody solve the dilemma?
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