Dear All,
Please let me know that what would be the implications as per compnies act, 1956 and as per income tax act, 1961 if a pvt limited company has taken an unsecured loan from the director and company want to write off the same.
Thanks in advance
not any problem but problem if director is NRI
director can give certainly loan to the company. If it is a Private company, it can accept unsecured loans/deposits from members, directors and relatives only.
but how this loan is writeen off ,if it is written off then it added in income of the company
but if the company write back the loan then under which heads of income tax 1961 it would be taxed
further would it be eligible to set off against carried forward business loss
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