Please Help: Loan
Posted Date : 28-Jan-2012 , 03:19:29 pm | Posted By Achin Sharma
Can a employer take loan from his employee whereas interest is being paid and TDS deducted accordingly and on the other side imprest is given to the same employee for business purpose
Category : Income Tax | Answers : 4 | Comments : 1 | Hits : 303
Answers
Answer By: Ashish Karundia
Dear Achin,
The transactions explained/asked by you in the query are possible as the same two different transactions. However, it needs to proved that the same are genunine transactions and the same can be proved from the books of accounts.
Hope the above suffice.
The transactions explained/asked by you in the query are possible as the same two different transactions. However, it needs to proved that the same are genunine transactions and the same can be proved from the books of accounts.
Hope the above suffice.
Answer By: Mrattunjay
YES Possible , but some conditions
Answer By: Rambabu Senkarasetti
Yes, possible
Answer By: Rambabu Senkarasetti
Comments
Rishabh Upadhyay
28-Jan-2012 , 11:35:03 pmIt will be difficult to prove that employer has taken a loan from an employee and then given imp-rest to same employee,as an independent transaction. Amount of loan and imprest is of prime importance.