Prohibition against director holding ‑ Whether payment of guarantee commission or interest on loans to directors attracts sub‑section (1)

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..... or interest on loans to directors attracts sub ‑ section (1) Query : Whether, under the circumstances, the guaranteeing of the company s credit account by directors can be said to be an office or a place of profit held by a director within the meaning of section 314(1) ? It may also be clarified whether payment of interest on temporary advances if it exceeds Rs. 500 or more [Rs. 10,0 .....

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..... ctors is in respect of services other than those ordinarily performed by the directors of a company. In the above premises, section 314 will not be applicable to the payment of either any guarantee commission or interest on loans to the directors of any company. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - .....

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