We are Pvt ltd company based in Mumbai. We have 4 directors in company. Company has taken loan from 2 directors on 23rd February, 2016 of Rs.2 lacs each. Since then company neither repaid any amount to director out of it nor company have charged interest on it. Should we charged interest on it in March 2017 and deduct TDS on it? Or should we charge interest and TDS when we repaid the said loans? Can it be possible to charge interest and deduct TDS and pay only interest to directors after deducting applicable tds on it? please suggest the solution.
CAclubindia
