14 July 2010
Loan taken by the relative of director for Co.from India Bulls Pvt.LTd.i.e. loan in the name of relative of director.It means co has taken loan from such relative Repayment is done in the following manner:- First EMI amt. transfer from Co's bank a/c to director relative's bank a/c and then repayment is done out of that a/c
Please tell me what will be the entries for above transaction?Also tell me whether co.will liable to deduct TDS on Interest amount paid to India bulls.
CAclubindia
