16 August 2013
My client has given a interest free loan from its proprietor-ship & from its partner-ship firm to a Pvt Ltd Co. which is also owned by her. There is a closing balance of Rs. 6 lacs and Rs. 16 lacs in proprietor-ship & partner-ship firm respectively. My query: 1) Whether notional interest needs to be charged for the proprietor-ship & partner-ship firms under IT Act? 2) Whether a pvt ltd co. is allowed to take interest free loans under companies act 2012?
CAclubindia
