If some person has converted his business (which has been a proprietorship so far) to a pvt ltd company, and he has parked all of his funds in the company, can he withdraw some money from the company to meet his personal expenses (as director's loan?)
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 March 2024
No....
If he is director then He can Take Salary as Director Salary...
If he is director then He can Take Salary as Director Salary...
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 08 March 2024
Agreed with Raja Sir
You can't bear personal expenses at company cost but claim salary or dividend or in any other form .
You can't bear personal expenses at company cost but claim salary or dividend or in any other form .
sabyasachi mukherjee
(27574 Points)
Replied 08 March 2024
Percentage of share holding , personal expenses not to be charged to revenue account. In case there are such issues it's treated as perks.
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