Section 58a & section 2(22) (e)
This query is : Resolved
09 September 2014
Hi,
Deemed dividend concept says that if company has granted loan to a director, it is treated as deemed dividend even if the loan is repaid before the year end.
Now my question is, if the company has taken a loan from a director first and then the company is repaying the loan before the year end. Then are those payments treated as deemed dividends?
Deemed dividend concept says that if company has granted loan to a director, it is treated as deemed dividend even if the loan is repaid before the year end.
Now my question is, if the company has taken a loan from a director first and then the company is repaying the loan before the year end. Then are those payments treated as deemed dividends?
09 September 2014
Repayment of loan taken from director does NOT amount to loan or advance as envisaged by Section 2(22)(e).
Accordingly such repayment will NOT amount to deemed dividend.
Accordingly such repayment will NOT amount to deemed dividend.
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09 September 2014
@siddhartha Bhardwaj: Thank you
10 September 2014
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