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Unsecured loans

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(Querist)
13 December 2013 sir,

if a private limited company cannot accept deposits from public, and if it is legal to pass this off as unsecured loans, what is unsecured loan, is tds applicable and what is the percentage of interest payable for a unsecured loan ?

please resolve

regards
vijay
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Rupesh Jain

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Rupesh Jain (Expert)
13 December 2013 pvt co can accept unsecured loan or deposit from his shareholder and directors.
and intt. rate can decided according to bank intt. rate.

if you fix lower side from bank you can safe side in income tax assessment.
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Ajay Mishra

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Ajay Mishra (Expert)
13 December 2013 As per new Act, the interest rate can not be lower than bank rate.

In old Companies Act, 1956, the Act is silent on interest rate provision.
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