05 May 2012
Is there any restriction on taking share holder loan in a Indian Private Limited? The share holder is widow 64 year person.Would she be exempted from the TDS when from interest payment by the company? Is there any bar from shareholder to loan more than the company net worth?
05 May 2012
Loan can be accepted from a shareholder. While payment of interest, the lender has to file Form 15 G / Form 15 H along with the copy of PAN Card to the company. The company should file the same with the Additional Commissioner of Income Tax within 7 days of the receipt of the form. There is no bar for the amount of loan to be accepted.
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