incme tax
This query is : Resolved
29 September 2010
Mr.A ,a director in abc ltd has lent an amount of 1,00,000 to the company .interest on this loan paid by the company is rs10000 for the 2009-2010 . the I t officer saya that 10000 is salary in the hands of mr.a as he is an employee of Abc ltd .advise ? can it be treated as a profit in lieu of salary? . whether it is taxable as salary in the hands of mr.a?
29 September 2010
No.... Its an interest income in the hands of "A"
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