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Directors debit balance

This query is : Resolved 
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(Querist)
06 October 2008 Can private ltd company have debit balacne of directors in their books of accounts
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
06 October 2008 It depend upon the reason and the duration. You have to quote an example.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 October 2008 IF THE COMPANY IS A PROFIT MAKING COMPANY THE SAID DEBIT BALANCE WILL BE TREATED AS DEEMED DIVIDEND AND WILL BE ASSESSED TO INCOME TAX.
APPLICABILITY OF OTHER LAWS DEPENDS AS RIGHTLY SAID BY Mr.SRINIVASARAGHAVAN.
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