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Loans to direcotrs

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(Querist)
08 October 2013 as per companies act 2013 can a public co / pvt co give loan to director ? or a company in which such director is interest?
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Arun Biyani

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Arun Biyani (Expert)
08 October 2013 As per companies act yes but same may be treated as deemed dividend for income tax purpose..
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CA Nilam

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CA Nilam (Querist)
08 October 2013 but director does not hold more than 10% voting power. section 2(22) of income tax treats as deemed dividend only if director hold more than 10 % voting power
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