29 September 2010
Mr.A ,a director in abc ltd has lent an amount of 1,00,000 to the company .interest on this loan paid by the company is rs10000 for the 2009-2010 . the I t officer saya that 10000 is salary in the hands of mr.a as he is an employee of Abc ltd .advise ? can it be treated as a profit in lieu of salary? . whether it is taxable as salary in the hands of mr.a?
CAclubindia
