01 October 2008
Is there any ceiling on amount of loan which can be given by pvt Ltd company to its director.The company is nither holding or subsidiary company of any public ltd company.
Will this loan amount will be considered as perquiste in personnel income of director under income tax law.
01 October 2008
The loan amount will be treated as deemed dividend in the hands of the concerned director u/s 2(22)(e) of the income tax act,1961 subject to the other conditions mentioned therein.
03 October 2008
A director of pvt ltd company requires urgent money say Rs. 20lac for some personal purposes. now he wants to withdraw the money from his company where he is major beneficial owner. The money to be withdrawn shall be repaid in due course of time say within one year.
What are the best options available to him ensuring that The relevent provsions of companies act & income tax are complied with.
Also ensuring that there is no additional income tax liablity in directors' personal income.
06 October 2008
Issue as an advance which can be said for business purpose (advance to buy land or property held by director etc) to protect from deemed provisions of IT Act
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