09 January 2010
what's the difference b/w director's current a/c & loan a/c
company can show director's current a/c in their books? if company shows what is the impact
directors current a/c is showing credit or debit balance in company books, whether current a/c can be considered as loan & interest can be provided...?
09 January 2010
The circumstances raised in the question may prove very RISKY because provisions of DEEMED DIVIDEND under Section 2(22)(e) of the Income-Tax Act may be applicable to the company.
Better first solve the abovementioned problem if it persists.
CAclubindia
