Extracts
Loans & Advances by closely held company deemed as Dividend [Sec. 2(22)(e)]
Income Tax - Income from Other Sources - 12 - SEC - 2(22)(e): LOANS & ADVANCES BY CLOSELY HELD COMPANY DEEMED AS DIVIDEND DIVIDEND INCLUDES any payment by a company not being a company in which public are substantially interested, of any sum by w ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X y person on behalf of or for the individual benefit of such a shareholder to the extent to which the company possesses accumulated profits. Notes: Following conditions must be satisfied on the date on which loan/ advance is given, to attract section ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X year. Accumulated profits shall include all profits up to the date on which loan or advance is given to the shareholder or concern or any other person referred to in section 2(22)(e). For the purpose of section 2(22), accumulated profits gets reduced ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X
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