Deemed dividend - loans and advance to related concerns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2013
MR. A IS DIRECTOR IN ABC CO. PVT. LTD. A HAS GIVEN UNSECURED LOAN OF RS. 50 LAKH TO THE COMPANY. THE COMPANY IN IT'S TURN HAS GIVEN LOAN OF RS. 25 LAKH TO HUF OF MR. A . WHETHER
PROVISIONS OF SECTION 2(22) OF INCOME TAX ACT, ARE ATTRACTED .
PROVISIONS OF SECTION 2(22) OF INCOME TAX ACT, ARE ATTRACTED .
29 December 2013
Yes it is applicable provided the HUF is the shareholder of the company or the Karta is the shareholder of the company. In case the loan is given in due course of business as business advance then it is not applicable and the provisions cannot be attractged
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
