Interest on unsecured loan

This query is : Resolved 

13 June 2012 Sir,

A private limited company has accepted unsecured loan form director and their relatives. Now is it compulsory for company to provide interest on loan accepted?

What will the consequence* if company do not pay interest to Director and their relatives?

(*Form Income tax and companies act point of view)

13 June 2012 There is no consequence if the company doesnt pay interest to an unsecured loan either as per IT Act or the Companies Act.,


13 June 2012 It is not compulsory to pay interest on unsecured loan.




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