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Loan frm company

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(Querist)
01 March 2012 My query is that if a director takes loan from company, is it mandatory to pay interest on that loan? if yes than what percentage of interest should director pay.
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Ajay Mishra

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Ajay Mishra (Expert)
01 March 2012 Should not be less than PLR.
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anurag

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anurag (Expert)
01 March 2012 it is not mandatory to pay interest.
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Ankur Garg

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Ankur Garg (Expert)
02 March 2012 As per my understanding it is very much advisable to charge interest from the director. This will amount to right accounting.

If u not take interest from director, auditor may object to the transaction.

So charge interest from director as well.

Regards

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