Interest on unsecured loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 April 2012
Can we due interest on unsecured loan to a company director in a Pvt. Ltd. Co.
and what rate ?
and what rate ?
10 April 2012
If the private company is a subsidiary of holding company then Section 295 of companies act should be complied with.
If it is not the case, then loan may be given to directors of the private company.
Interest may be collected on such amount of loan.
Further, Section 2(22)(e)of Income tax act, 1961 treats such loan as deemed dividend to the extent of accumulated profit.if such director holds more than 10% shares in the company and is the beneficial owner of the same.
If it is not the case, then loan may be given to directors of the private company.
Interest may be collected on such amount of loan.
Further, Section 2(22)(e)of Income tax act, 1961 treats such loan as deemed dividend to the extent of accumulated profit.if such director holds more than 10% shares in the company and is the beneficial owner of the same.
Message likes :
1 times
10 April 2012
Agree with expert.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
