hussain
10 September 2009 at 11:16
Sir,
The company as given loan to directors in financial year 2005-06 and it was recoverd by deducting from remunaration in the finacial year 2006-07.for that the ITO says that the company is closely a private company and in that year the profit is about 15lac and the director holds 79% share in the company so as per ITO provision of sec 2 (22) (e) of the act the above loan is ti be treated as deemed divided.
so there any hope to save from tax.riven
hussain
09 September 2009 at 15:20
Sir,
A private company as received share application money in cash during the year in bulk amount and returned same amount through bank (some bearer cheques and some A/c payee)there any rule which explian this problem.riven
hussain
09 September 2009 at 14:49
Sir,
as per incometax disallowed the loan as per provision of sec (2)22 (e)of the act says that is to be treated as deemed dividend.
riven
hussain
08 September 2009 at 14:48
Sir,
Thanks once again for given suggestion.riven
pankaj Kumar
07 September 2009 at 17:10
What is municipal corporation of Navi Mumbai cess and where is applicabale?riven
hussain
07 September 2009 at 16:50
Sir,
Show as per Section 295 (2) of the companies Act 1956 there is no restriction to give loan to the directors.
thanks for your suggestion it will help me thanks once again.riven
hussain
07 September 2009 at 14:33
sir,
But as per law the private company can't give loan to directors.so the income tax department claim that is divided and disallowed the loan.riven
hussain
07 September 2009 at 10:17
Sir,
i have asked query on 05/09/09 about loan to directors but still i have not receive any answer.
My Query is that the private company has paid a loan to directors and it has been recoverd in neat financial year but the income tax department says that is a deemed income in the hand of directors there is rule that can be save the tax of the following.riven
Atish
06 September 2009 at 22:54
IN THE CASE OF RESIDENTIAL PROPERTY.
The B.M.C. has revised the tax structure in a very harsh manner in Mumbai for properties given on Leave and License. The tax is very high. I believe that it is subjudiced and has to still be decided on.
In caes the society is demanding it on behalf of the B.M.C. and the Property owner refuses to pay, could any action be taken on the property owner or it could remain pending till the final decission by the B.M.C.
Also whatpercentage would according to you on residential property tax be levied and how would it be calculated as far as expenses also incurred by the prperty holder.
Regardsriven
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share application money
sir,
The private company as received share application money in cash not in one transaction during the year means partly Like (10000/,15000/,20000/=)from 46 person and all is cash so there any chance to escape from IT act.riven