Dear Experts,
what is the taxability of Directors loan written off by the Company or waived off by the Director, in the books of Company. Is it liable to be taxed as deemed Income in the hands of Company?
Can we adjust loan written off against the Reserve and Surplus of the Company.
please elaborate with applicable provisions of Income Tax and companies Act 2013.
1 Replies
Mujeeb Doi
(309 Points)
Replied 13 April 2021
No, you cannot. By writing off the loan of director the company is getting ENRICHED, and hence the same would be treated as income of the company
Recent Topics
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
Related Threads
CAclubindia
