Status of Loan accepted before April 14

Friends please share you views

 

Hi, pls refer to sec 74 of the CA 2013......The same will answer all your queries......

Yes , Thank you

Just need to discuss that Sec 74 has clarified regarding "previously accepted deposits and outstanding interest thereon".Not about Unsecured loans.

Whether previously accepted unsecured loan from shareholders to be retain as such ? will there be any time limit to repay it ?

As per the current definition of the CADR 2014, loans from shareholders are not excluded......so now they will be treated as deposits under CA 2014........and you have to follow the provisions of sec 74 (1).....however, this is a debatable issue wherein many feel the same is not applicable to erstwhile loans taken from shareholders or relatives........and so many argue that dpt 4 is not required to be filed for those items which were excluded in the erstwhile act.....so the ultimate choice lies upon u....

Ya you are right , Thats why this matter demands expert interpretation.

but as per CADR 2014 the Deposit definition includes " Loans " , that means is it applicable w.e.f. 01.04.2014 and hence not applicable for previously accepted loans ?

Or we have to give retrospective effect ?