Deemed dividend
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2012
If Director of pvt company taken and given loan to company does it attract 2(22)e ?
and he holds more than 10% shars.
and he holds more than 10% shars.
14 September 2012
Yes, definitely it attracts the dividend section.
14 September 2012
Sir, I think that if the director of the company is also a shareholder & gives loan to the company, then it does not attract dividend section. But if the company gives loan to a shareholder(director)who holds more than 10%, then only 2(22)(e) applies.
Please correct me if i am wrong.
Please correct me if i am wrong.
15 September 2012
you are absolutely right SWASTI. MY contention was in case of pvt company... director giving and taking loan from/to company.... has to be a member. Else 58A may be attracted.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2012
but it says subject to accumulated profits what is that ? and it says loan given is for business purpose then is okk
plz tell
plz tell
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