Imprest for foreign travel : Whether a deemed dividend ?
This query is : Resolved
12 February 2009
Sir,
We are a Pvt ltd co.
Our directors (having a share capital of more than 10 %) often go to foreign travel for official purpose.
Our company provides them foreign currency as imprest especially for that trip & after return they give the account & we book the foreign travel expenses.
Whether such imprest will be considered as deemed devidend? &
Whether any dividend tax is also to be payable on that ?
Kindly reply soon.
Thanks
Subhash
We are a Pvt ltd co.
Our directors (having a share capital of more than 10 %) often go to foreign travel for official purpose.
Our company provides them foreign currency as imprest especially for that trip & after return they give the account & we book the foreign travel expenses.
Whether such imprest will be considered as deemed devidend? &
Whether any dividend tax is also to be payable on that ?
Kindly reply soon.
Thanks
Subhash
12 February 2009
No.
It will not be treated as deemed dividend.
It will not be treated as deemed dividend.
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